Taiwan
In 2016, Tsai Ing-wen of the Democratic Progressive Party (DPP) became President of Taiwan. President Tsai called upon the international community to help Taiwan to preserve its democracy despite the threatening language used against Taiwan by PRC President Xi Jinping. President Tsai called upon the PRC to democratize, respect human rights, and renounce the use of military force against Taiwan.
Taiwan Miracle
After the inauguration of the new Taiwanese president Tsai Ing-wen, the Democratic Progressive Party (DPP) enacted policies building on the continued global influence of Taiwan's IT industry. To revamp and reinvigorate Taiwan's slowing economy, her "5+2" innovative industries initiative aims to boost key sectors such as biotech, sustainable energy, national defense, smart machinery, and the "Asian Silicon Valley" project. President Tsai herself was the chairperson for TaiMed Biologics, a state-led start-up company for biopharmaceutical development with Morris Chang, the CEO of TSMC, as an external adviser. On 10 November 2016, the Executive Yuan formally endorsed a biomedical promotion plan with a budget of NT$10.94 billion (US$346.32 million). At the opening ceremony for the Asia Silicon Valley Development Agency (ASVDA) in December 2016, Vice President Chen Chien-jen emphasized the increasing importance of enhancing not only local R&D capabilities, but also appealing to foreign investment. For example, the HSP now focuses 40 percent of its total workforce on "R&D and technology development". R&D expenditures have been gradually increasing: In 2006, it amounted to NT$307 billion, but it increased to NT$483.5 billion (US$16 billion) in 2014, approximately 3 percent of the GDP. The World Economic Forum's Global Competitiveness Report 2017-2018 profiled up to 140 countries, listing Taiwan as 16th place in university-industry collaboration in R&D, 10th place in company spending on R&D, and 22nd place in capacity for innovation. Approved overseas Chinese and foreign investment totaled US$11 billion in 2016, a massive increase from US$4.8 billion in 2015. However, the Investment Commission of the Ministry of Economic Affairs' (MOEAIC) monthly report from October 2017 estimated a decline in total foreign direct investment (between January and October 2017) to US$5.5 billion, which is a 46.09 percent decrease from the same time period of 2016 (US$10.3 billion).