亞太 商報
Asian Pacific Business Journal
Issue Number 0122
WWW.APBJOURNAL.COM
2019 April Issue
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Notre Dame fire was a warning bell for European monuments
PARIS — It’s a thin line where the patina of age on Europe’s countless monuments gives way to the onset of neglect. Like with so many loved ones, all is assumed to be fine, until suddenly it’s not. In the wake of the fire last week that gutted Notre Dame, questions are being raised about the state of thousands of other cathedrals, palaces and village spires that have turned France — as well as Italy, Britain and Spain — into open air museums of Western civilization. If even an iconic building such as Notre Dame could not be protected from devastation, if such a potent symbol of France had to scramble for maintenance funds, that lays bare a culture of apathy that can undermine a shared history as well as the multibillion-dollar tourism industry upon which much of Europe depends. “We are so used to our outstanding cultural heritage in Europe that we tend to forget that it needs constant care and attention,” Tibor Navracsics, the European Union’s top culture official, told The Associated Press. Tourism in Britain and France alone amounts to about 7 percent of their Gross Domestic Product, good for around 150 billion euros and 170 billion euros (around $170 billion and $190 billion) a year. Some say the wake-up call — not just for Europe but the whole world — rang in Paris. Sneska Quaedvlieg-Mihailovicis, head of the Europa Nostra heritage foundation, said it was “as if Notre Dame decided to set itself on fire to ring the alarm bell. As if she wanted to sacrifice herself for the cause.” Devastating fires have robbed mankind of its knowledge, art and treasures since the famed library of Alexandria in northern Egypt burned down in ancient times. Prior to Notre Dame, the last global warning came when Brazil’s Museu Nacional in Rio de Janeiro, one of the most important cultural institutions in South America, burned down in September. “Unfortunately, the fire in Notre Dame is just one of many examples,” said Navracsics. Experts look at the near-endless list of fires at historical sites in Europe and wonder why officials so often don’t learn before it’s too late. Data on such fires is limited, because monuments are so varied. Some were accidents, others arson. “There are no exact statistics,” said Didier Rykner of France’s La Tribune de l’Art, but added that France sees “several fires every year in historic buildings, which is already way too much.” A 2015 study by the German engineering giant Siemens showed that Scotland had about 10 damaging fires a year, while England lost at least a dozen listed buildings a year. Germany has seen 70 such buildings
destroyed since 2000. “Every year, there’s lightning or something else that destroys a tower or a roof,” Juan Antonio Herráez, who is in charge of preventive conservation at Spain’s Cultural Heritage institute, told the AP. In 1985, the tower of Luxembourg’s main cathedral caught fire and burned down. In 2004, a fire in the Duchess Anna Amalia library in Weimar, Germany, caused an estimated 80 million euros ($90 million) in damage. In Italy, the historic La Fenice opera house in Venice was destroyed by fire in 1996, and a year later, that happened at Turin’s Sindone Chapel of the Holy Shroud. And all too often, fires happen during restoration work. The Glasgow School of Art’s Mackintosh Building was gutted by fire last year for the second time in four years as it neared the end of a multimillion-pound (dollar) restoration project. In Spain, the Gran Teatre del Liceu — Barcelona’s opera house — was destroyed almost entirely in 1994 by a fire caused by spark that fell on a curtain during routine repair work. Experts say what’s lacking is the constant attention and regular maintenance that could help avoid the need for major restoration work, but that costs money. The problem has been exacerbated by the austerity budgets many European nations adopted after the 2008 financial crisis and during Europe’s subsequent debt crisis. After austerity cuts, Rykner said, “you need some drastic restorations that either you don’t do, or you do them badly or cheaply. And it can lead to fires.” Herráez wants officials to shift their focus to prevention instead of only reacting to building disasters. “Reparation or restoration should be seen as the failure in conservation,” he said. “We would be spending money in maintenance but we will be minimizing potential future damages.” Navracsics echoed that thought. “We should never forget that there’s also a cost to non-action, a lack of maintenance or a lack of prevention,” he said. The problem is that prevention is practically invisible but grand restorations can be a boon for the politicians cutting the ribbons. The fire at Notre Dame had barely been doused when two of France’s richest men, rival billionaires, stepped up with flashy, competing donations of hundreds of millions of euros to rebuild the Paris cathedral. Notre Dame dona-
tions now stand at more than 1 billion euros ($1.12 billion) — or about three years of France’s national restoration budget. This massive outpouring of donations grates on those who have begged for years for a few thousand euros to restore a local but valuable monument. “You have seen that, now, the money is not the problem,” said Quaedvlieg-Mihailovicis. “There is a lesson. Could we not invest smaller amounts, and not just for the biggest and the most iconic monuments?” The EU itself has allotted 4.7 billion euros ($5.28 billion) for restorations in the 2014-2020 financial budget on top of what individual nations do. As state funding dries up, governments are increasingly looking for private donors to renovate major monuments. In Italy in recent years, Tod’s luxury shoes sponsored the Colosseum face-lift, while the Fendi fashion house helped the Trevi Fountain in Rome and Diesel backed improvements for the Rialto bridge in Venice. “We do need to invest more, but this is a shared responsibility for governments, businesses and citizens across Europe,” Navracsics said. Some say world-renowned monuments such as Notre Dame are the driving force behind such tourism and deserve more respect. “Cultural heritage is a gold mine. You cannot exploit it and then just leave the mine and go to another one. It is something you really have to cherish,” said Quaedvlieg-Mihailovicis. （ from Denver Post）
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Asian Pacific Business Journal
2019 April Issue
President Donald J. Trump’s Historic Tax Cuts Are Delivering Real Savings And Creating More Opportunity For All Americans “There has never been a better time to start living the American Dream.” President Donald J. Trump PROVIDING A HELPING HAND TO MIDDLE-INCOME FAMILIES: President Trump’s tax cuts are providing a boost to middle-income families. The Tax Cuts and Jobs Act (TCJA) cut taxes for the middle class and boosted the Child Tax Credit to provide a helping hand to American families. The TCJA included $5.5 trillion in gross tax cuts, nearly 60 percent of which goes to families. The TCJA will provide more than $2,000 in tax cuts in 2018 for an average family of four with an income of $75,000. The TCJA nearly doubled the standard deduction, allowing middle-income families to exempt more of their income from taxes. The TCJA doubled the Child Tax Credit from $1,000 to $2,000 per child and made the credit available to more middle-income families. The new law also increases the refundable portion of the credit. Families can now use 529 Savings Accounts to pay for qualified elementary and secondary education expenses, helping to increase their options for their children’s education. To ensure families get the help they deserve, the TCJA preserved provisions such as the child and dependent care credit, the adoption tax credit, retirement savings tax benefits, and more. Families facing costly medical bills benefited from the expanded medical expense deduction. At least 100 utility companies across the country announced plans to cut rates in response to the tax cuts. PUTTING MORE MONEY IN WORKERS’ POCKETS: The TCJA has led to higher wages, increased benefits, big bonuses, and new employment opportunities for workers. More than 6 million workers received pay raises, bonuses, or increased retirement contributions thanks to the President’s tax cuts. More than 4 million workers received direct bonuses. Nearly 200 companies announced wage increases due to the TCJA, including Walmart, the largest private employer in the Nation. In addition to keeping more of their hard earned money thanks to the tax cuts, workers are seeing their wages rise. Year-over-year nominal wage growth has now been at or above 3 percent for 8 straight months. Low-income workers are seeing their wages rise faster than anyone else. Businesses are creating more and more jobs, generating record numbers of employment op-
portunities for workers and driving unemployment down to historic lows. More than 3 million jobs have been created since President Trump signed the TCJA into law. There were a record high 7.6 million job openings available to workers in November 2018 and openings continue to far exceed the number of job seekers. For the first time in recorded history, there have been more job openings than unemployed workers for 12 straight months. The unemployment rate has been at or below 4 percent for the past 13 months, the longest such streak in nearly five decades. The unemployment rates for Hispanic-Americans, African-Americans, and Asian-Americans all fell to their lowest rates on record. The unemployment rate for women dropped to a near 65 year low last year. LAUNCHING A BUSINESS BOOM: America is open for business again thanks to President Trump’s historic tax cuts. The tax cuts have reignited America’s economic engine, generating 3 percent real gross domestic product (GDP) growth through the four quarters of 2018. Real GDP grew by 3 percent from the fourth quarter of 2017 to the fourth quarter of 2018, the fastest such growth in a calendar year since 2005. The TCJA leveled the playing field for American businesses by lowering the statutory corporate tax rate from one of the highest in the developed world. Businesses poured investment back into the United States following the tax cuts, repatriating more than half a trillion dollars held overseas in 2018 alone. The TCJA allowed businesses to immediately and fully deduct the cost of new capital investments, enabling them to invest more in their own operations. The tax cuts and capital investment deduction have been a boost for America’s manufacturers, leading to record high manufacturer optimism in 2018. The TCJA provided
much needed tax relief for America’s small businesses by letting certain pass through entities deduct 20 percent of their qualified business income. As a result, small business optimism skyrocketed to a record high last year according to a survey by the National Federation of Independent Business. LIFTING UP FORGOTTEN COMMUNITIES: The TCJA created Opportunity Zones to bring investment and opportunity to communities that have been left behind. Opportunity Zones utilize tax incentives to spur investment in low-income communities. Those who invest in Opportunity Zones through qualified funds will be able to defer taxation on their capital gains, with the benefits increasing over time. This structure will help promote the long-term investments these communities need. These incentives are an incredible vehicle to help foster economic revitalization and job growth in struggling communities. More than 8,700 communities across the country have been designated as opportunity zones and will see new investment and growth as a result. Nearly 35 million Americans live in communities designated as Opportunity Zones. These communities have an average poverty rate of over 32 percent and an unemployment rate 1.6 times higher than average. Opportunity Zones are anticipated to generate $100 billion in private capital investment. （article from whitehouse.gov）
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Asian Pacific Business Journal
2019 April Issue
Senators Gardner, Hassan, Young, and Kaine Reintroduce Bipartisan Gateway to Careers Act To Expand Economic Opportunity and Support Innovative Businesses Bipartisan Legislation Supports Career Pathways Strategies that Combine Work, Education, and Support Services to Help Hard-Working Americans Get Ahead
Washington, D.C. – U.S. Senators Cory Gardner (R-CO), Maggie Hassan (D-NH), Todd Young (R-IN), and Tim Kaine (D-VA) today reintroduced the bipartisan Gateway to Careers Act to help expand economic opportunity for hard-working Americans and to support innovative businesses in need of a strong workforce. With low unemployment rates in states across the country, innovative businesses are struggling to hire the skilled workers they need to continue to grow and thrive. Simultaneously, as the economy rapidly changes, individuals may not have the skills and supports they need to enter – and remain – in the workforce. The Gateway to Careers Act would address this challenge by supporting career pathways strategies, which combine work, education, and support services, to help individuals earn recognized postsecondary credentials. “Colorado is home to some of the best and brightest innovators in the high-tech industry that help drive our national economy, and we must ensure the next generation of workers have the skills and training they need to enter our workforce,” said Senator Gardner. “This bipartisan legislation would remove barriers to training and credentials students need to secure these in-demand, high-paying jobs. I’m proud to join my colleagues on this common sense legislation, and I will continue working across the aisle to close the skills gap.” “As I travel across New Hampshire, the top issue I hear about from innovative businesses is the need for more highly skilled workers,” said Senator Hassan. “The bipartisan Gateway to Careers Act will help strengthen job training to meet the needs of our businesses and remove barriers that keep too many people from participating or staying in the workforce. I am encouraged that there is bipartisan support for this legislation, and I’ll keep working across party lines to pass this bill so that hard-working people and businesses have the opportunity to thrive.” “The main focus of my Fair Shot Agenda is to ensure every Hoosier has a fair shot at success. The Gateway to Careers Act would help do just that by removing barriers that keep individuals from excelling in our ever-changing workforce,” said Senator Young. “This bill would provide resources to individuals in need, which
will in turn help train our workers, expand our businesses, and grow our economy.” “Across Virginia, businesses are seeking skilled workers to fill good-paying jobs, while students are looking for work,” said Senator Kaine. “The Gateway to Careers Act is part of an effort to bridge the skills gap and help ensure that students have the support they need to earn credentials for in-demand careers.” “A growing number of today’s college students are working adults who are pursuing the skills they need to be successful in today’s economy while balancing work and family obligations. Unfortunately, current federal policy does little to provide non-tuition support services to these students—which are proven to help them persist and succeed in their chosen postsecondary pathways,” said Katie Brown, Senior Federal Policy Analyst at National Skills Coalition. “We applaud Senators Hassan, Young, Kaine and Gardner for introducing the bipartisan Gateway to Careers Act, which will make these vital supports more accessible for working adults and other nontraditional students, and look forward to working with them to advance this legislation.” The Gateway to Careers Act would provide grants to support partnerships between community or technical colleges and workforce development partners such as state workforce development boards, industry associations, and community-based organizations. These partnerships would support individuals who are unemployed or underemployed by strengthening job training and removing barriers that prevent them from
completing a degree or credential program and succeeding in the workforce by providing support for things such as housing, mental and substance use disorder treatment, health insurance coverage, career counseling, child care, transportation, and guidance in accessing Supplemental Nutrition Assistance Program (SNAP). The Gateway to Careers Act is also endorsed by the Center for Law and Social Policy (CLASP), the Association for Career and Technical Education (ACTE), National Immigration Forum, and the National Council for Workforce Education (NCWE).
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Asian Pacific Business Journal
2019 April Issue
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2019 April Issue
Asian Pacific Business Journal
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Special Report - Attorney Andrew Ho My name is Andrew Ho. I am a criminal defense attorney, and I consider one of the most important responsibilities of my job as being a leader who serves the community. This is the reason why I went to law school. And this is the reason why I joined the law firm of Recht Kornfeld P.C. At Recht Kornfeld, our lawyers are known by lawyers to be high quality and among the best. Our lawyers are the ones the lawyers, judges, and politicians look to when they need advice. And these lawyers share my same belief: We support the community. And we do not run from the hard cases. We look for them. From an early age, my parents had taught my older brother and I that we hold a responsibility to help others in need. We quickly learned that a strong educational background was the best way
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to serve our communities. My father spent his career as a surgeon after immigrating from Hong Kong to obtain his medical degree and PhD. While studying in America, he met my mother who immigrated from Taiwan. He opened his own medical practice, and my mother would assist him in his office. My older brother followed in his footsteps, obtained his medical degree and PhD, and now serves as an Instructor at the Harvard Medical School in Boston, MA. As you can see, many of my family members determined that the medical field is the best route where we can make an impact on our community. They are not wrong. But they are not completely right either. I became an attorney because it is the best way I can use my knowledge and ability to help my community and society. Very few things in life can derail a person’s future than the mere allegation For English of a crime. Very (303) 573-1900 few things in life have the devastating effects of destroying a reputation than the mere allegation of a crime. Very few things in life have the life-altering consequences followed by a mere allegation of a crime. I am here to help. This is why I decided to come to Colorado after law school and join the Colorado
Andrew Ho
State Public Defender’s Office as a trial lawyer. My parents were surprised that I made this choice instead of finding an easier, higher paying job. While there were many reasons why I made this choice, two main reasons stuck out: This organization is known for defending the most difficult cases, and this organization is well-known and respected for providing high quality training to their lawyers. I knew if I wanted to be able to serve my community, I needed to challenge myself in becoming the best trial lawyer. I needed to look for the hardest cases to defend in order to become the best trial lawyer I could be. For the next 8 ½ years, I defended thousands of clients and litigated a high volume of jury trials. I was able to win not guilty verdicts on the most serious cases including 1st Degree Murder, sexual assault, violent crimes, domestic violence, theft, drugs, and driving under the influence charges. Because this organization is known for handling the highest volume of cases, there are very little, if any, types of cases that I have not seen or handled. Our lives are filled with choices, and our paths are created oftentimes by the how we respond to these choices. I made the choice to find a job that gave me a high volume of difficult cases so that I could become a better lawyer. Inspired by the work of Qu Yuan, I also serve my community by participating on the Board of Directors for the Colorado Dragon Boat Festival. We work hard to provide our community with a cultural festival every summer. I also believe that the future strength of our community is with the upcoming generation. For this reason, I also work to assist Dragon 5280 with running a leadership program for our young professionals. I am here to serve you and our community. Please call me if you ever need assistance. My Chinese language line is 303-577-1637. My English language line is 303-573-1900. You can find more information about me at https://www. rklawpc.com/andrew_ho.html. I look forward to learning how I can assist you.
2019 April Issue
Asian Pacific Business Journal
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U.S. Job Growth Remains Strong, Adding 196,000 Jobs in March and Surpassing Market Expectations
The Bureau of Labor Statistics (BLS) released its monthly Employment Situation Report, showing that the United States economy is continuing to boom with a strong labor market. Total nonfarm payroll employment in March rose by 196,000 jobs (see figure), beating market expectations (175,000). The month of March continued the longest streak of growth on record (102 months). Job gains in February were revised up by 13,000, and January jobs were revised up by 1,000 for a cumulative increase of 14,000 jobs. In total, the economy has added over 5.5 million jobs since President Donald J. Trump was elected. The March jobs report reflects a sharp rebound in job growth, suggesting that February’s revised outcome (+33K) was a blip rather than a trend. Since the President was elected, job gains have surpassed 100,000 jobs in 26 of the 28 months. The average jobs growth in the past 12 months is a robust 211,000 jobs and jobs growth in the past 6 months has averaged 207,000 jobs. Both the 12-month and 6-month averages remain above the 2017 average of 179,000 jobs gained per month. Job growth in March was largest in the education and health services industry, which added 70,000 jobs. Since the President’s election, the manufacturing industry has added 480,000 jobs and 209,000 jobs in the past 12 months. The report indicates that strong jobs growth is
being coupled with wage growth. Nominal average hourly earnings rose by 3.2 percent over the past 12 months, marking the 8th straight month that that year-over-year wage gains were at or above 3 percent. Prior to 2018, nominal average hourly wage gains had not reached 3 percent since April 2009. Taking inflation into account, there is evidence that real wages are also growing. Based on the most recent Personal Consumption Expenditures (PCE) price index data from January, inflation in the past year was 1.4 percent, and based on the most recent Consumer Price Index (CPI-U) price data from February, the inflation in the past year was 1.5 percent. (March inflation data is not yet available for either series). A separate household survey released by BLS shows that the unemployment rate remained steady at 3.8 percent in March—and marks the 13th consecutive month at or below 4 percent.
The unemployment rate for adult women (20+) ticked down to 3.3 percent and re-achieved its lowest rate since 1953. The labor force participation rate – which tracks how many people are working or looking for work—edged down by 0.2 percentage point to 63 percent, but 0.3 percentage point above the rate when the President was elected in November 2016. The labor force participation rate for prime-age adults (ages 25-54) which largely avoids the demographic effects of the aging population held steady at 82.5 percent—1.1 percentage points above the rate at the President’s election in November 2016. A thriving economy stimulated by pro-worker policies is pulling workers off the sidelines. In spite of the continued low unemployment rates over the past year, there is still what economists call “labor slack”—or a pool of potential workers on the sidelines. This allows for continued employment and overall economic growth as workers reenter the labor force. In the first quarter of 2019, 71.4 percent of workers entering employment came from out of the labor force rather than from unemployment. The March employment data depict an American economy that remains strong and booming with a continued low unemployment rate, historic trends in job growth, and rising wages. （Article and photo from whitehouse.gov）
‘Avengers: Endgame’ reported to be longest Marvel movie ever
The runtime of the final cut for “Avengers: Endgame” may have been revealed. There’s been a lot of talk and speculation that the sequel to “Infinity War” would be the longest movie in the Marvel Cinematic Universe, and it looks like the rumors have been confirmed AMC Theatres is listing “Avengers: Endgame” as being 3 hours, 2 minutes long (or 182 minutes), so maybe hold off on the coffee — especially if you want to sit through all of the trailers just before. Fandango later appeared to confirm the runtime in a tweet. For extra context, “Avengers: Infinity War” had a runtime of 149 minutes (2 hours, 29 minutes). “Captain America: Civil War” was 147 minutes long (2 hours, 27 minutes), while “The Avengers” and “Avengers: Age of Ultron” lasted 143 minutes (2 hours, 23 minutes) and 141 minutes (2 hours, 21 minutes), respectively. Producer Kevin Feige recently discussed the
runtime for the movie, saying that regardless of its length “Endgame” won’t drag. “It’s gonna be the exact running time that the movie needs to be,” he revealed to “Collider.” “I think there’s a lot of story in that movie and a lot of characters in that movie. In all seriousness, we don’t look at run times in terms of
mandates or anything like that. “Some movies can be 90 minutes and feel like they’re 4 hours. And some movies can be 3 and a half hours and feel like 90 minutes.” “Avengers: Endgame” will hit theaters April 26. （Article from https://www.msn.com/en-us/）
2019 April Issue
Asian Pacific Business Journal
China says its economic growth is improving
China’s claim of stronger-than-expected economic growth in the first part of this year may be tempting policymakers to pare back stimulus. Analysts say that would be a mistake. The world’s second-largest economy expanded 6.4% in the first quarter from the same period in 2018, the government announced last week, slightly beating analyst predictions. An array of policies, including encouraging banks to make more loans, put in place last year as the economy took a hit from the U.S.-China trade war have been credited with helping boost activity. But pronouncements since last week’s GDP figure, including after a meeting of the Communist Party’s powerful politburo, indicate that officials see the growth outlook improving, feeding speculation of a rethink in how much of a boost the economy may need. A politburo statement issued Monday and reported by the official Xinhua news agency emphasized the economy’s strong start to the year but appeared to express concern about financial and real-estate markets. It said those sectors should be closely monitored for possible risks, suggesting worries about possible overheating. Mainland Chinese equity markets fell Monday on concerns stimulus could be reduced. “The slight change in tone is understandable due to the rapid build-up of debt and a potential irrational exuberance in stock markets and big cities’ property markets,” economists at Jap-
anese investment bank Nomura said in a note Monday regarding the politburo statement. Chinese stocks have been on a tear in 2019 after recording their worst performance in a decade in 2018. The benchmark Shanghai index is up about 29% so far in 2019 after losing almost 25% last year. But, Nomura cautioned, China’s growth recovery is “not solid yet” and growth could falter again. “We believe the pace of monetary easing will slow, but it is still too early to withdraw monetary easing measures despite the limited monetary policy scope,” they said. ‘They’re not going back’ Robin Xing, chief China economist at Morgan Stanley, said the emphasis now will be on non-monetary measures. “They didn’t mention that they’re going to end the policy easing,” Xing said Tuesday on CNBC’s “Street Signs” of the politburo gathering. “They’re relying more and more on fiscal easing,” he said, referring to a 2 trillion yuan (298 billion) package announced last month at the National People’s Congress that includes cuts to taxes and fees. “It’s locked in, they’re not going back on that, there’s no possibility of scaling back the fiscal package,” Xing said, adding Morgan Stanley is still “confident that the overall policy mix is still supportive.”
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China’s massive debt levels, which authorities were trying to bring under control before the trade war kicked in last year, are a major worry for policymakers. Economists Larry Hu and Irene Wu at Macquarie Capital said that officials have to tread carefully as they will need to keep some stimulus in reserve in case the economy worsens. “It’s understandable that policy makers have to reduce the intensity of stimulus once the economy shows signs of stabilization, as the amount of ammunition is limited,” Hu and Wu said in a note dated Sunday. Stimulus is set to wane, they said, “as policy makers have to save the ammunition for the next dip, which should not be too far away, in our view.” （By Kelly Olsen from CNBC）
Some international banks are finally seeing their China investments pay off
As China cracks open the door further to its massive financial market, a handful of foreign firms are pulling ahead of the pack. UBS, Invesco and J.P. Morgan topped Shanghai-based Z-Ben Advisors’ annual rankings released Monday for the 25 best foreign money managers in China. Data was collected as of December 2018, and scored firms by three business lines: onshore, outbound and inbound. For UBS, it was the second year the Switzerland-based asset manager ranked first. The company has been investing in China for 20 years and has also become a front-runner in building a domestic securities business. In November, UBS became the first foreign
bank to receive Beijing’s approval to take a majority stake in its joint venture with China Guodian Capital. For the last decades, previous policy limited foreign banks to minority stakes, giving local partners more control. “The least predictable aspect of the China market is the pace of change. As a result, China is not a market you lead it’s a market you grow with,” Z-Ben Partner Chantal Grinderslev said in an email to CNBC. “With that managers now find themselves at a critical juncture.” She added that whether or not companies are willing to invest in learning about China will separate leaders from laggards in the market. Z-Ben expects mutual fund flows will grow as-
sets under management in China to $12 trillion by 2027. In the last 12 months, some Chinese stocks and bonds were added to global benchmark indexes run by MSCI and Bloomberg. Analysts expect the inclusion will drive billions of dollars in fund flows to China in the next few years. As for the top managers for China’s inbound businesses, Fidelity International – the now independent overseas arm of the U.S. asset management giant – ranked first, overtaking BlackRock in this round of Z-Ben’s rankings. (By Evelyn Cheng from CNBC)
American Alliance of Acupuncture Urgent Action Request!!! Dear American Acupuncture Colleagues, Patients and Friends, Thank you for submitting your signature to 《We the People petition Support H.R. 1182 and H.R. 1183 Proposals》 to Ensure Acupuncture Treatment for Seniors and Veterans Covered by Medicare via “We The People Peltition”” By confirming your signature below, you are participating in the White House’s We the People online petitions platform, and you agree to abide by the We the People Terms of Participation and Moderation Policy provided below. The validation link will expire within 48
hours of receiving it. If you haven’t clicked the link within 48 hours, you will need to sign the petition again. Confirm your signature by clicking here“Sign Now” Terms of Participation, Moderation Policy. Petition Title: Support H.R. 1182 and H.R. 1183 Proposals to Ensure Acupuncture Treatment for Seniors and Veterans Covered by Medicare On April 2nd, 2019, organized by American Alliance of Acupuncture (AAOA), the Union for the acupuncture professions will promote the federal acupuncture insurance bill for
veterans and heroes and seniors by supporting H.R.1182 and H.R.1183, proposed by CA Congresswoman Judy Chu. From April 2nd to April 3rd, more than 100 representatives of all States acupuncture communities and members will go to the Capitol Hill and join the social forces to visit the 435 members of the House of Representatives and 100 senators to launch a face-toface lobbying campaign. American Alliance of Acupuncture North America Oriental & Western Medicine Academy
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Asian Pacific Business Journal
2019 April Issue
Taiwan’s Advances in Digital Healthcare
Helping Other Countries Achieve Universal Health Coverage by 2030
This year marks the 24th anniversary of Taiwan’s implementation of universal health coverage. Taiwan’s National Health Insurance (NHI) covers the full spectrum of essential and high-quality health services, from prevention and treatment to rehabilitation and palliative care. In the 1960s, Taiwan’s progressive health sector began the process of incorporating laborers, farmers, and government employees into the health insurance system. It is now widely regarded as one of the best in the world. The NHI ranked 14th in the 2017 Global Access to Healthcare Index of The Economist, and ninth in the 2018 Health Care Efficiency Index of Bloomberg Finance. The success of Taiwan’s NHI can be attributed to several key factors. First, it adopted a single-payer model with contributions from individuals, employers, and the government. A supplementary premium is also charged based on payers’ income levels. Second, to control medical expenses, a budget payment system was adopted to set caps on healthcare costs paid by the government. Under these caps, Taiwan’s medical expenses accounted for only 6.4 percent of GDP in 2017, lower than the OECD average. In the same year, the NHI’s administrative costs were kept under 1 percent of its total budget, and the public satisfaction rate was 86 percent. Third, the NHI’s integrated preventive health care services and pay for performance programs have ensured a high quality of healthcare and encouraged continued improvement of health standards. Fourth, to reduce health inequalities, premium subsidies are provided to disadvantaged
groups such as low-income households and the unemployed. The provision of preventive and primary healthcare is the most cost-efficient approach to achieving universal health coverage. Taiwan’s Ministry of Health and Welfare has developed tools utilizing artificial intelligence and cloud computing to access the massive databases it has built over the past 24 years. For instance, the MediCloud system was launched to enable healthcare providers to query patients’ medical records within the NHI system, while the PharmaCloud system provides prescription drug information to physicians and pharmacists. Currently, through digital cloud tools, community-based primary care providers in Taiwan can retrieve test reports―including CT scans, MRIs, ultrasounds, gastroscopies, colonoscopies and X-rays―from secondary and tertiary institutions and receive prescription information. These digital health technologies have enhanced care services in many ways. They have improved the quality of care and reduced costs, in terms of both time and money, by properly matching health services with the locations where these services are provided. They have also lowered the potential risks arising from repeated examinations. Related systems are patient-cen-
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MAY 6 - MAY 10: Colorado State Capitol 200 E. Colfax Ave. MAY 11 - MAY 17 East Library 5550 N. Union Blvd.
Taiwanese Association of America – Colorado Sponsored by: Taipei Economic and Cultural Office in Denver & Taiwan Tourism Bureau
tered, meaning that they are organized around the complex needs and expectations of patients and communities, helping realize the concept of good hospitals in the community and good doctors in the neighborhood. Taiwan has learned how to utilize its competitive advantages in information technology and medicine to deliver better care and enhance the health of the overall population. In response to the goals set by the Health Workforce 2030 of the World Health Organization (WHO), Taiwan has also provided scholarships for in-service programs and higher education to thousands of people, both Taiwanese and foreign nationals, in fields such as medicine, nursing, dentistry, healthcare administration and public health. At a time when achieving universal health coverage has never been more urgent and important, Taiwan has actively sought to share its first-rate experience in healthcare reform. Regrettably, political obstruction has deprived Taiwan of the right to participate in and contribute to the World Health Assembly―WHO’s decision-making body. In the past two years, WHO has denied Taiwanese delegates, who represent the 23 million citizens of a democratic and peaceful country, access to the assembly. Nevertheless, Taiwan remains committed to enhancing regional and global health cooperation, sharing its experience and capacity in healthcare reform with countries in need, and making universal health coverage a reality by 2030. Against this backdrop, we urge WHO to respond favorably to the widespread calls for Taiwan’s inclusion in the World Health Assembly and related technical meetings, mechanisms and activities. WHO should abide by its own principles of inclusiveness and universal participation. Taiwan is a worthy and reliable partner that can help countries around the world achieve the meaningful goal of universal health coverage by 2030.
Taiwan again rated world’s 4th best place to invest:BERI Taipei, April 22 (CNA) Taiwan has maintained its status as the world’s fourth best investment destination in the latest U.S. Business Environment Risk Intelligence (BERI) report, the Ministry of Economic Affairs (MOEA) said in a statement Monday. Taiwan received a total score of 65 points for profit opportunities recommendation (POR) -- the overall indicator used by BERI to evaluate each country as an investment destination. Taiwan’s ranking was the same as in the previous report released in December 2018, but its score was down two points from the 67 points it received at the end of last year, the ministry said. Taiwan ranked as the world’s fourth-safest and Asia’s safest place in terms of operating conditions and ranked as the world’s saf-
est place in terms of foreign exchange/external accounts position (remittance and repatriation factor) risk. The U.S.-based business analysis and rating service provider also forecast that Taiwan’s ranking could slip to 22nd-safest worldwide next year and 17th-safest around the globe in 2024 in terms of political risk. Looking toward 2020, BERI forecast that Taiwan will move down one notch to become the fifth-best investment destination in the world, with its overall POR score expected to remain at 65 points. (By Tsai Peng-min and Evelyn Kao) Asian Pacific Business Journal Honored Advisor: Winston L. Yang, Ph.D. Publisher: Wendy Chao President: Frank Chao Editing: Da Xia