More Than 2,000 Taiwan Factories Closed in First Quarter

A total of 2,140 factories were shut down in Taiwan during the first quarter of this year, while some 1,251 new factories opened in the same period, according to the statistics released by the Taiwanese authorities Thursday.

The statistics indicate that the number of factory closures has been rising drastically since 1997, when some 2,904 factories suspended operations.

The figure increased to 6,788 in 1998 and fell slightly to 3, 982 in 1999 and 4,995 in 2000.

Statisticians said that the figure does not truly reflect the state of the local economy, as many more factory owners simply closed up shop without informing the authorities, and as a result, the closures did not show up on the list.

People's Daily Online ---