Taiwan leader stresses mainland's importance to island's economy

Taiwan leader Ma Ying-jeou on Wednesday stressed the role of the mainland market in Taiwan's export-oriented economy.

Over the past eight years, Taiwan has seen an average annual surplus of about 70 billion U.S. dollars in trade with the mainland, compared with its annual trade surplus of 30 billion dollars globally, said Ma at an economic forum held in Taipei.

Without trade between the mainland and Taiwan, the island would likely see a trade deficit globally, he said, attributing the steady trade growth with the mainland to adherence to the "1992 Consensus."

The number of tourist arrivals to Taiwan exceeded 10 million for the first time last year, said Ma.

He said the island's economy has experienced serious contraction three times since 2008 due to the global financial crisis, the debt crisis in Europe in 2011 and the global fall in trade last year. Its economy is at a key crossroads, he added.

Taiwan has been pushing forward an innovation-driven growth model and supporting new emerging sectors such as biotech and tourism, he said. Endi