APBJ Issue #0089 Printed 2015-05

‫܅‬Ҝ ௸෴

Asian Pacific Business Journal

Issue Number 0089

WWW.APBJOURNAL.COM

2015 May Issue

1548 W. Alameda Avenue, Suite D, Denver, CO 80223| Tel: 303-733-8888, 303-722-8268, Fax: 303-722-7861¦ asianpacificbiz@gmail.com

Bernanke, TSMC head agree 'American Dream' now harder to attain TTaipei, May 26 (CNA) Morris Chang (്࢘ᘩ), chairman of Taiwan Semiconductor Manufacturing Co., the world's largest contract chip maker, said Tuesday that he and former U.S. Federal Reserve Chairman Ben Bernanke share the view that the "American dream" still exists, but is more difficult to attain than in the past.

Chang, who attended a forum sponsored by local magazine Business Weekly in Taipei, said he asked Ber- Bernanke said he shares Chang's nanke if the "American Dream" still feelings, noting that although his exists. parents were also immigrants, he realized his own dream.

The American dream means that if one works hard, he or she can climb Chang said that Taiwan also has its the ladder of success, Chang said. own dream, but this is also more difficult to attain than it was two or Chang noted that when he arrived in three decades ago. the United States, his parents were below average, but he managed to Whether it is an American or Taiclimb to among the top 10 percent wanese dream, the destination is of society by the age of 40. to become middle-class, not superwealthy, Chang went on.

He realized his own dream, but nowadays a lot of American immigrants In the forum, Bernanke was also cannot realize their dreams, he said.

questioned about America's quantitative easing (QE) policy.

He himself engineered all three rounds of the U.S. quantitative easing program following the 200708 financial crisis.

rates and have not complained about the U.S. policy, unlike economies that have adopted fixed exchange rates.

Lee Jih-chu (‫ޕ‬ધఇ), chairperson of the Taiwan Financial Holdings Co. and the Bank of Taiwan, said the QE policy has helped the United States on the road to recovery.

But many countries have now adopted QE policies and if they cannot handle it well, too much liquidity will lead to another crisis.

He said that adopting a monetary policy of driving down the currency Asked if the internationalization rate boosted exports of the manufac- of the Chinese yuan will threaten turing sector, but also carried risks. the dominant status of U.S. dollar, Bernanke said only that the United Kuan Chung-ming (ጥխၰ), a for- States is not concerned about this. mer chairman of the National Development Council, questioned Ber- Bernanke, who served as governor nanke's QE policy, noting that some of the U.S. central bank from 2006have complained that it has had a big 2014, is the first former Fed chairimpact on Taiwan and other emerg- man to visit Taiwan. ing countries.

(By Jackson Chang, Pan Chih-yi, Bernanke noted that Europe and Ja- Milly Lin and Lilian Wu) pan have adopted floating exchange

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Asian PaciďŹ c Business Journal

2015 May Issue

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Director General and Mrs. Jack J.C. Yang and the staff of the Taipei Economic and Cultural OfďŹ ce (TECO) in Kansas City attended the farewell party hosted by Mr. Benny Lee, Advisor of the Overseas Community Affairs Council, Republic of China (Taiwan) on Saturday, April 4, 2015. They enjoyed visiting with around 100 local friends and R.O.C. compatriots from the Greater Kansas City metropolitan area, including members from the Greater Kansas City Consular Corps, such as Dean Harry McLear, Honorary consul for the Kingdom of Morocco, Honorary Vice Consul Gino Serra, Italy, Honorary Consul Sharon K. Valasek for Czech Republic, Honorary Consul Lebert D. Shultz for

South Africa, Honorary Consul General Dennis Owens for Austria, Head Consul Alicia Kerber of Mexico Consulate in Kansas City, and other celebrities as Dr. Michael Devine, the former Director of Harry S. Truman Library and Museum and Professor Nabeli Galindo of Henry W. Bloch School of Management, University of Missouri-Kansas City.

During Director General Yang’s remarks, he expressed his appreciation to Mr. Benny Lee and the guests for their long-term support. TECO in Kansas City will be relocated at Denver, and its service areas will still include the Greater Kansas City area and the states of Kansas and Missouri. The new TECO in Denver looks forward

to continuously working together with the local friends and R.O.C. compatriots and also providing the best service for them in the future.

Direcotr General Jack Yang gives remarks at the farewell party.

ᎍĎ?Օᆾч࿜ᔎЎϯᒤ٣ೀ Taipei Economic and Cultural Office in Denver

! ‍ں‏Ď?ŕšŽŇ‡ŕ­ŻŕĄšŰŹŕĄ°Ň˘Ç´Č¨áŽŤŕľ?á™“ŕśŽŃ Ń‡ŕżśá”ŽĐŽĎŻá’¤ŮŁŕł€ČŠŕŽ’â€ŤÜ­â€ŹŇ )215*Ôƒ 5 Đ” 26 Đ’ŕŹ†ŕşžŐ‰ŕ˝šáŽ‚Ő˘ŕ˝°Çśŕ˝Ľŕł€ŕŽ’áŽ‚ÔżŕŁ˝á›ĽÜŽÓ­Ô€Ď?Ő•ŃąÇ´Ů â€Ť×łâ€ŹÓœŕŁ Č¨áŽŤĎ?Ő•Ń Ń‡ŕżśá”Ž Ўϯᒤ٣ೀȊǴܺŕ­?áŒ„ŕľŽá†śŕŚšČ¨áŽŤŕľ?á™“ŕśŽŃ Ń‡ŕżśá”ŽĐŽĎŻá’¤ŮŁŕł€ČŠŕŁŹÓ•Ç´Ń…ŕĄ´ŕľ?ᙓ ŕśŽÔ€ÇľŕŽ?á?ľŮšÔ€ÇľŕŁ˝á›ĽÜŽÓ­Ô€ÇľĎŁŃ˛ÜŽŕśŽŃƒÔ€ÇľŃ‡á ˛ŕŁ˝Đ´Ô€Ďˇŕ „á ˛ŕŁ˝Đ´Ô€ŕ¸ťŕ¤?ŕ­Ż Ď?Ջ೽ϤԀǜ! ŕŁ áŽ‚ŕł€Ő˘ŕ˝°áˆĄŕ¤žÇ´áŽŤŕľ?á™“ŕśŽŃ Ń‡ŕżśá”ŽĐŽĎŻá’¤ŮŁŕł€ŕŽ’ÔžŇ Ôƒ 5 Đ” 25 Đ’ŕŹ†áŠŠŕŹśáˆŚŕ­?Üş ŕ­?Ç´ŕ°&#x;ŕť ŕŽŒá’¤ŕą›Óšŕť¨áˆŚŕ­?Üşŕ­?Ď?Ň™á?ŽÎ“Ç´Ôž 5 Đ” 21 Вॕá?ŽŕŽ’Ň™á?Žŕ¨˘ŇšŕŽŒŰłáŽŤĎ?Ő• ᒤ٣ೀོÖ&#x;ǜᎍĎ?Ő•á’¤ŮŁŕł€á‚ŁŕĽ â€ŤÜ­â€ŹŇ Ôƒ 5 Đ” 31 Đ’ŕŹ†ŕĄ ŕľşŕŁŹáœ˘áˆŚŕ­?Üşŕ­?Çś5 Đ” 25 Đ’ Ôż 2: Đ’áŽ‚ŕł€ŕśşŕť”Ô–á†™ŕĄšŮŁŇšáˆĄŕ¤žŇ ŕł€â€ŤÚ?‏աǴá?Žá‚? 927.633.:657Çś!

The Taipei Economic and Cultural Office (TECO) in Kansas City, MO,is scheduled to move to Denver, CO, on April 15, 2015, and will be renamed Taipei Economic and Cultural Office (TECO) in Denver, in accordance with instructions of the government of the Republic of China (Taiwan).Following its relocation, TECO will continue to serve the states of Missouri, Kansas, Colorado, Nebraska, South Dakota and North Dakota.

General and consular services at TECO in Kansas City will no longer be available from April 14, 2015, and will resume in Denver on April 20, 2015.

For emergency assistance between April 14 and 19, 2015, please call 816-522-9546.

Consular applications submitted by mail on or after April 10, 2015, should be addressed to TECO in Denver.

TECO in Denver 1600 Broadway Blvd., Suite 1740, Denver, CO 80202 Tel: 720-587-2949 Fax: 720-587-2958 Email: teco@tecodenver.org Website: http://www.taiwanembassy.org/US/MKC

2015 May Issue

Asian Pacific Business Journal

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Building on 20 years of Success: Future challenges for Taiwan’s NHI

By Chiang Been Huang Minister of Health and Welfare Republic of China (Taiwan) Taiwan’s National Health Insurance system is globally renowned for providing citizens with easy access to high-quality medical services. Over 99 percent of the population is enrolled in the single-payer NHI, while around 93 percent of the country’s health care providers participate.

Basic premiums, which are shared among the insured, employer and government, are calculated on the basis of monthly salary and a set premium scale. Those qualifying as disadvantaged can have their premiums and copayments subsidized or waived if necessary. As the NHI has achieved universal coverage at an affordable cost, health care is not a financial burden for the public. These factors contribute to a system satisfaction rate of about 80 percent.

But this healthy state of affairs was not achieved overnight. Since its launch in 1995, the NHI has faced funding challenges. Although the system was in the black for the first four years, rising user demand led to budgetary shortfalls, spurring the ROC government to set about implementing systemwide fiscal and structural reforms.

By 2013, the second-generation NHI was in place and oversight of the system tasked to the newly formed NHI Administration under the Ministry of Health and Welfare. A key component of this change was the levying of a 2 percent supplementary premium on capital gains and unearned income—a measure contributing to the NHI’s newfound fi-

easing access to personal records, it is hoped users will become more Another step contributing to the suc- aware of their health and develop cess of the NHI was the adoption of an appreciation of the need to lead the latest information technologies. healthier lifestyles.

These initiatives streamlined procedures and improved services, paving Equally significant is the use of an the way toward greater organiza- automated system for processing tional efficiency and reduced admin- hospital claims and reimbursements.

This contributes to the NHI’s adistrative costs. ministration costs of 1.07 percent of The integrated circuit card is one of medical expenditures, the lowest in the most visible signs of IT innova- the world. The sizeable database of tion employed by the NHI. Issued to claims, which boasts leading-edge, all system users, it functions as a link internationally certified information between patients and health care pro- security, also allows the NHIA to anviders, enabling the latter to quickly alyze trends and generate statistics. and securely access the former’s recent medical records. The smartcard Going forward, decreasing birth is also an invaluable tool in manag- rates and rapidly aging populations ing the spread of highly communica- are the order of the day. Taiwan is ble diseases such as SARS. It allows no exception to these global trends monitoring of the infected, as well and its shrinking youth demographic as accurate modeling of the dynam- will have to shoulder a greater financial burden. In estimating future deics and control of such outbreaks. mand for health care, the factor of As time is of the essence when it aging must be taken into account. In comes to dealing with medical issues 2014, the senior population in Taiand prescribing the correct medi- wan stood at 11.95 percent, and it is cines in a cost-effective manner, the estimated it will exceed 20 percent NHI established in 2013 Pharma- in 2025 and 40 percent in 2060.

Cloud—a cloud-based database of patient pharmaceutical records ac- Because Taiwan has a low birth rate cessible by health care providers. and extended life expectancy, it will This undertaking has minimized the soon have the fastest aging populaincidence of script duplication and tion in the world. This is to result in over-prescription, as well as the risk a shrinking income tax base, placing even greater pressure on NHI fundof harmful drug interactions. ing to meet outlays associated with Buoyed by the cost and efficiency caring for the rising number of elbenefits of PharmaCloud, the NHI derly. Looking at ways of improving launched My Health Bank in 2014. public health and slowing the rate of The database allows users to ac- aging are two of the most important cess in less than 10 minutes their challenges facing the NHI in the 21st full medical data from the past year. century and beyond.

These include records like hospital admissions, medical costs, outpatient visits and prescriptions. By nancial strength.

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Asian PaciďŹ c Business Journal

2015 May Issue

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2015 May Issue

LG to keep dual-flagship smartphone strategy in 2015 Taipei, May 19 (CNA) South Korea's LG Electronics Inc. said Tuesday that it is planning a second flagship smartphone for release later this year as part of the company's efforts to launch two high-end handsets in the same year to boost sales in Taiwan.

the hardware specifications for the second phone have not yet been finalized.

LG began its "dual-flagship" strategy in Taiwan last year by launching the 5.9-inch G Pro 2 in March and the 5.5-inch G3 in June.

Shao made the remarks at the Taiwan launch of the 5.5inch G4, w h i c h features a 16-megapixel camera module with an F1.8 aperture lens that allows 80 percent more light to hit the image sensor than its predecessor.

Combined sales of the two flagship phones had reached as much as 220,000 units as of April this year, including 60,000 to 70,000 units of the G Pro 2 and over 150,000 units of the G3, said Eason Shao (३ፂ‫)ܩ‬, director of mobile business unit at LG's Taiwan branch.

LG will continue its dual-flagship strategy this year with the new G4 and another flagship phone scheduled for release in the second half of 2015, hoping that combined sales of the two devices in Taiwan will increase by 30 percent from last year, Shao said, adding that

LG has also improved the lowlight performance of the G4's camera with optical image stabilization (OIS) 2.0 technology, which

allows better image stabilization by adding a third axis for the first time.

LG has estimated sales of 250,000 to 300,000 units for the G4 during the next 12 months, an increase

of over 30 percent from that of its predecessor, due partly to a shorter replacement cycle among Taiwanese smartphone buyers.

(By Jeffrey Wu)

Asustek's ZenFone 2 phablet arrives in U.S. Taipei, May 19 (CNA) Taiwan's Asustek Computer Inc. (ဎጚ) has released a successor to its lowcost ZenFone range in the United States to tap into the world's second-largest smartphone market after China.

Introduced at a press event in New York on Monday, the ZenFone 2 features a 5.5-inch 1080p touchscreen, a quad-core chipset made

by Intel Corp., a 13-megapixel rear camera, a 5-megapixel frontfacing camera and a 3000mAh battery.

The phablet-sized device will be available Tuesday through online retailers such as Amazon, Newegg, B&H Photo and Groupon, with a starting price at US$299 for a 4GB RAM model with 64GB storage capacity and US$199 for a lower-end variant with 2GB of RAM and 16GB of internal capacity.

Prior to the ZenFone 2 launch, Asustek teamed up with U.S.

mobile operator AT&T Inc. to unveil a phoneand-tablet hybrid called "PadFone X" in May last year, followed by a smaller variant in October.

At a meeting with investors on May 12, Asustek CEO Jerry Shen (ާ஡ࠐ) estimated sales of below 1 million Asustek-branded smartphones in the U.S. this year, compared with the company's global target of 17 million to 25 million units.

In comparison, China is expected to contribute 4 million to 12 million smartphones to Asustek's annual shipment target, Shen said at the time.

The ZenFone 2 has been released in Taiwan, China, France, Hong Kong, Singapore, Japan, Indonesia, India and the U.S. since its global debut in January, with its next stop scheduled for May 21 in Russia.

As of 11:19 a.m. Tuesday, Asustek shares had fallen 0.33 percent to NT$302 (US$9.9) in Taipei trading.

(By Jeffrey Wu)

2015 May Issue

Asian Pacific Business Journal

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ROC’s role in Allied WWII victory spotlighted The contributions of the ROC government to the Allied victory in World War II are receiving greater attention in Taiwan and around the globe during the 70th anniversary of the end of the Second Sino-Japanese War (1937-1945).

This process, long overdue in the opinion of many historians, is helping forge significant headway in prompting the ROC’s second world war allies to conduct fair and just evaluations of this important chapter of history.

Lu Fang-shang, director of Taipei City-based Academia Historica, said different fronts in World War II are now given equal consideration on the strength of historical facts previously downplayed due to the conflict between the ROC government and Chinese communists.

“Earlier this year, President Ma Ying-jeou made first official mention of the former Soviet Union’s military aid and material assistance to the ROC during the early phase of the eight-year war,” he said. “In addition, most mainland Chinese historians now acknowledge the fact

that ROC government forces carried out the bulk of the fighting against the Japanese army.”

According to Lu, another positive development is Beijing’s acknowledgement of the vital role played by the U.S. in China during the conflict.

“This change is evidenced by the inauguration in March of the Flying Tigers Herishape global perceptions of the war tage Park in Guilin, Guangxi provis Taiwan-born Kuo Tai-chun of ince,” he said.

Hoover Institution at Stanford University.

The Flying Tigers comprised volunteer U.S. pilots operating under the “By taking different perspectives of auspices of the ROC air force from this event, we are making sense of 1941 to 1942. The outfit flew Curtiss the developments and maneuverings P-40 fighters, chalking up an imthat led to the endgame,” she said. pressive number of victories against “The Japanese invasion wreaked Japanese air units. havoc on China, but it also stimulated nationwide consolidation, fosterAnother academic seeking to reing the glorious development of the

ROC in the years ahead.”

Echoing Kuo’s remarks, Lu said a globally accepted view of the conflict is close to realization, especially in reconciliation of ROC government and communist perspectives.

“History is always in the making.

With both sides across the strait edging closer to a shared version of history, this augurs well for achieving more common pursuits going forward.” (YHC-JSM)

Chinese military planes fly over Miyako Strait for the first time Taipei, May 21 (CNA) Chinese air force planes flew over the Miyako Strait between the Japanese islands of Miyako and Okinawa for the first time on Thursday to conduct drills over the western Pacific Ocean, Chinese air force spokesman Shen Jinke (‫ع‬ၞઝ) said.

The one-day drill is "in line with relevant international laws and practices, and not directed against any specific country, region and target," Shen said in a statement.

It is aimed at improving the far-sea combat capability of the air force, he added.

lows it to access the Pacific Ocean.

It is also close to the disputed Diaoyutais, known as Senkaku Islands in Japanese, which Taiwan, China and Japan all claim sovereignty over. The islands are currently under Japan's control.

During the drills, China's air force avoided flying through the airspace that civilian aircrafts operate in, so international flights were not affected, he said.

On March 30, the Chinese air force also conducted a drill in the western Pacific Ocean The Miyako Strait is strategically by passing through the Bashi Chan- pines. important for China because it al- nel between Taiwan and the Philip-

(By Chiu Kuo-chiang and Christie Chen)

2015 May Issue

Asian Pacific Business Journal

Page 7

Fujian-Kinmen water project in the pipeline: Chinese official Taipei, May 24 (CNA) A plan to supply Taiwan's outlying Kinmen County with water from China's Fujian Province will come into being after the two sides complete negotiations on the project, a Chinese official said while touring Tianpu Reservoir in Kinmen.

The water supply plan is important to the economy and residents of water-strapped Kinmen, and China will soon launch the plan, said Zhang Zhijun (്‫ݳ‬૨), the head of China's Taiwan Affairs Office (TAO, ഏ ‫؀‬ᙄ), in the Taiwan-held outlying county on Sunday.

Zhang was in Kinmen, which lies just off the coast of Fujian Province in southeastern China, after meeting with Hsia Li-yan (୙‫)ߢم‬, the head of Taiwan's Mainland Affairs Council (MAC, ຬࡡᄎ), on Saturday.

Zhang Zhijun (്‫ݳ‬૨), center.

The plan to pump water from Fujian from Shanmei Reservoir in Quan- Kinmen will take charge of the deto Kinmen is expected to be final- zhou, which has a capacity of 655 sign, construction and management ized in June at the earliest. million cubic meters of water. of the underwater pipeline, while Fujian will build a water-pumping The plan will initially provide Kin- Fujian's water company will build a station by the lake and the two sides men with 15,000 cubic meters of pumping station and pipeline to the will be responsible for the pipeline fresh water a day, to be increased coastal town of Bingzhou, and the on land, the office said. to 34,000 cubic meters a day in the pipeline will be connected to a 17medium term and 55,000 cubic me- kilometer-long underground water Also on Sunday, Zhang met with ters in the long run, according to the pipeline to Tianpu in Kinmen that Kinmen County Magistrate Chen Kinmen office of Taiwan's Water will cost NT$1.35 billion (US$44 Fu-hai (ຫ壂௧) to exchange views Resources Agency. million) to build, the office said. on issues related to the livelihoods of Kinmen residents.

The water will be mainly sourced Based on a preliminary agreement,

Zhang said the goal of politics is to solve issues of public concern, but issues related to the people's livelihood should not be politicized.

He suggested that the two sides across the Taiwan Strait work together to ensure a stable supply of water and electricity in Kinmen.

(By Zep Hu, Chou Yi-ling, Amy Huang and Evelyn Kao)

First Taiwanese tour group enters Philippines on e-visas Kalibo, Philippines, May 20 (CNA) The first Taiwanese tour group traveling on special online visas issued by the Philippines arrived in the neighboring country Wednesday, as the Philippines launched a trial run of the new concession for Taiwan visitors.

The group of 13 people, who departed Taiwan earlier in the day, landed at Kalibo International Airport and cleared immigration with an Electronic Travel Authorization (ETA), an entry permit that is obtained via an online system and is aimed at making travel to the Southeast Asian country easier.

Upon arrival at the airport in central Philippines, the visitors were warmly welcomed by Taiwanese diplomats posted in the Philippines

destinations.

and several Philippine government officials.

During the trial period, only Taiwanese tour groups selected by the Manila Economic and Cultural Office (MECO), the Philippines' representative office in Taiwan, are allowed to visit the Philippines on the new travel permit.

A member on the tour group lauded the new measure as "very conveIf the trial run goes without any nient." glitches, the new measure will be officially launched on July 1, and The Philippines is planning to Taiwanese passport holders will expand the trial run of the ETA sys- be eligible to apply for the ETA, tem to other airports in the country, said Philippines' representative to including those in Puerto Princesa, Taiwan Antonio Basilio, who was Cebu and Manila, all gateways to at the airport to welcome the first the country's most popular tourist group.

With the ETA system, applications and payments for the travel authorization can be done online at any time and location, MECO said.

The new measure is part of an effort by the Philippines to boost its tourism and is also expected to help advance its exchanges with Taiwan.

The application fee for the online ETA is NT$1,100 (US$35.80), while a normal visitor's visa to the Philippines costs NT$1,200 and requires an in-person visit to MECO offices in Taiwan to submit the application and make the payment.

The online application system is for visitor's visas for tourism only.

(By Emerson Lim and Elaine Hou)

Asian Pacific Business Journal

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2015 May Issue

Taiwan develops method of making biofuel from microalgae Taipei, May 19 (CNA) Taiwanese researchers have developed a system that uses microalgae cultivated in partially treated wastewater as a feedstock for biomedicine and biofuel production, providing huge business opportunities.

kilograms of microalgae.

Microalgae not only captures CO2 but also creates prolific microalgal cultures that can be used in the production of air and water purifiers.

It took a research team at National Pingtung University of Science and Technology five years to develop the microalgae cultivation and biodiesel production system, which won the top prize in the university category in a national energy innovation competition last year. The technology has also begun attracting attention from the academic and business sectors from home and abroad, said Tsai Wen-tien (ᓐ The team cultivated the microal֮‫)ض‬, director of the university's gae by coupling a wastewater treatGraduate Institute of Bioresources ment process with an algal photobioreactor for nutrient removal and and the team leader. biomass production, using enriched Microalgae are a group of unicel- CO2 from industrial exhaust gases, lular or simple multicellular fast- according to Tsai. growing photosynthetic microorganisms that live on carbon dioxide (CO2) from different sources, including industrial exhaust gases and soluble carbonate salts, according to Tsai.

Like other plants and organisms, microalgae use photosynthesis to turn light, carbon dioxide and a few nutrients into plant oils, carbohydrates and proteins that make up

Siberian crane winning Taiwanese hearts

Meanwhile, microalgae grows fast and consumes CO2 and emits oxygen as it does so, helping to reduce the total amount of CO2 in the atmosphere.

Moreover, microalgae can grow on marginal or non-crop land, so does not compete with valuable agricultural land, Tsai said. h i cell lll structure, Tsaii added. dd d their The technology will allow the production of not only biodiesel but also health supplements such as fish oil, and cosmetic additives, as well as fishing lures and bait, said researcher Lee Yu-ju (‫ߛޕ‬ᕢ).

The cost of using wastewater and exhaust gases for the cultivation of microalgae is low, Lee noted, adding that every 100 metric tons of waste water can produce about 70

Some biotechnology companies are already engaged in the cultivation of microalgae on a large scale, according to Tsai.

Also expressing optimism about the outlook for green energy technology, Tai Chang-hsien (ᚮ࣑ᔃ), the president of the university, said it could turn waste into enormous business opportunities.

(By Kuo Chu-chen and Evelyn Kao)

Dear readers, May is Asian Pacific American Heritage Month, a time to celebrate the rich history and contributions of Asian Americans.

Included in this month’s journal, we report on the Republic of China’s rolein the Allied WWII victory. Turning to business we cover Taiwan’s Asustek and South Korea’s LG Electronics smartphone strategy.

In our cover article, former U.S. Federal Reserve Chairman Ben Bernanke andChairman of Taiwan Semiconductor Manufacturing Co. Morris Chang discuss the “American Dream”.

Thank you for your continued support of the Asian Pacific Business Journal!

Sincerely, Jocelyn Chao President

Taipei, May 17 (CNA) A young Siberian white crane that accidentally migrated to a northern Taiwan wetland last December has survived attacks by hawks and stray dogs and has now stolen the hearts of Taiwanese.

The little white crane, about one year old, flew into the Chingshui Wetland in Jinshan, New Taipei on Dec. 13, three days after it stopped on Pengjia Islet north of Keelung.

Jocelyn Chao President Asian Pacific Business Journal

Asian Pacific Business Journal Publisher: Wendy Chao President: Jocelyn Chao Contributing Writers: Jocelyn Chao