EDITORIAL: China is losing its economic lusterPublicly listed firms repatriated NT$114.4 billion (US$3.72 billion) of investment gains from China last year, a 175.7 percent surge from NT$41.5 billion in 2021 and the most since 2013, data released last month by the Financial Supervisory Commission showed. Previously, listed firms rarely repatriated their investment gains from China, as Beijing imposes strict foreign-exchange controls to curb capital outflows. Taiwanese firms also tend to keep most of their profits in China for further investments. There are three main reasons for Taiwanese listed firms to repatriate their investment gains. Third, China’s economic outlook has become more worrying for Taiwanese businesses, and nervousness over geopolitics has limited their investments there.

Occupied Ukrainian city under fire after Russia kills 26AFP, UMAN, UkraineRussian occupational authorities in southern Ukraine yesterday said that Ukrainian forces were subjecting the city of Novaya Kakhovka to “intense artillery fire” that had cut off electricity. Rescuers and residents search for survivors in the rubble next to a residential building that was hit by a missile in Uman, Ukraine, on Friday. Novaya Kakhovka fell to Russian forces on the first day of their offensive in Ukraine on Feb. 24 last year. On Friday, Russian strikes battered cities across Ukraine, killing 26 people, including five children. The barrage of almost two dozen missiles ended a weeks-long pause following the repeated Russian strikes that had aimed to paralyze Ukraine’s energy grid during the winter months.

The two policies are examples of how the ministry is trying to better meet the needs of families in need of care services. The Long-term Care Plan 2.0 was launched in 2017 to create an affordable and accessible long-term care system, and ensure that elderly and disabled people receive better care. It includes subsidies for in-home or facility care services, shuttle bus services, assistive devices, transforming people’s homes into a barrier-free environment and respite care services. Government data showed that only 5 percent of eligible families booked respite care services last year. It should also enhance cross-ministerial efforts to integrate services offered by migrant workers into Taiwan’s long-term care architecture.

Ma’s title changed by forum again by ‘malicious forces’Staff Writer, with CNAA Greek forum was allegedly urged by outside forces to repeatedly downplay the designation of former president Ma Ying-jeou (馬英九) on its Web site, the Ministry of Foreign Affairs said yesterday. The Delphi Economic Forum, which began on Wednesday in the Greek city of Delphi and ends today, was pressured by “malicious” forces to change Ma’s title in its online materials several times over the past few days, the ministry said. The Delphi forum on Friday last week changed Ma’s title from “former president of Taipei” to “former president of Taiwan” following calls from the Ministry of Foreign Affairs and Ma’s office about the error. Ma’s title was later revised to “Former Leader of Taipei” until it was changed again to its current wording. Ma had participated in the forum’s opening ceremony and in closed-door dinners over the past two days, and his allocated seats were labeled “President Ma,” the statement said.

China to maintain policy support for economy as it seeks to boost demandReuters, BEIJINGChina is to maintain support for the economy, focusing on domestic demand which remains inadequate, the Chinese Communist Party Politburo said yesterday, Xinhua news agency reported. “Market demand has gradually recovered, economic development has shown an upward trend and the economic operation has achieved a good start,” Xinhua said, citing the Politburo. “The current improvement in China’s economic performance is mainly restorative, with weak momentum and insufficient demand,” the politburo said. The government would also reinforce confidence among businesses, guide state investment, stimulate private investment and attract foreign investment, it added. The politburo also reiterated its policy to support demand for improved housing and ensure property developers deliver.

EV maker BYD’s profit surges over 400 percent in Q1BloombergBYD Co (比亞迪) reported another stellar quarter of earnings on the back of booming electric vehicle (EV) sales that propelled it past Volkswagen AG to become China’s top-selling vehicle brand. Operating revenue rose 80 percent to 120.2 billion yuan, while gross margin was 17.9 percent, up about 5.5 percentage points. Volkswagen sold 427,247 vehicles under its brand in the country in the first quarter, with EVs accounting for only 6 percent. BYD, whose biggest investor is Warren Buffett’s Berkshire Hathaway Inc, aims to deliver 3 million to 3.7 million EVs this year, Bloomberg Intelligence estimates. The company sold 1.86 million EVs last year, more than the previous four years combined.

Identifying Taiwan’s true friendsBy Emilian KavalskiIt seems that Taiwan is not the only country whose international status is contested by the People’s Republic of China (PRC). The Baltic states of Lithuania, Latvia and Estonia were prompt to issue a coordinated response demanding clarification and an explanation by the PRC. With a combined territory of just over 175,000km2 and a combined population of a little more than 6 million, the three Baltic states are considered small, and not just by European standards. Ever since Russia invaded Ukraine, the three Baltic states have been the top three aid providers to Kyiv when measured as a percentage of GDP. And while the job of Taiwanese diplomats is becoming ever more challenging, it seems that statements such as Lu’s offer an unexpected helping hand in identifying Taipei’s true friends.

Yunlin produceYunlin County Commissioner Chang Li-shan, left, cooks at the Taiwan Vegetable Festival at a supermarket in Singapore yesterday to promote home-cooked dishes using ingredients from Yunlin. Singapore-based supermarket NTUC FairPrice organized the festival, which ends on Wednesday next week. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

Five in funeral probe out on bailCUTTING IN: Some employees at New Taipei City-run cremation and funeral services allegedly receive regular monthly bribes from private proprietors to expedite servicesBy Jason Pan / Staff reporterFive New Taipei City Crematorium employees were yesterday released on bail of NT$50,000 (US$1,628) each after being questioned about allegations of accepting bribes from private funeral service operators. Seven private funeral service proprietors were also questioned and released. A New Taipei City crematorium section head surnamed Hsi is escorted by investigators in January. Photo: Wang Ting-chuan, Taipei TimesThe New Taipei City Crematorium is a unit of the government-run New Taipei City Funeral Parlor in Banciao District (板橋). Hsi was released on bail of NT$200,000, while most of the other staff posted bail of NT$100,000 each, Lee said.

Sino-Indian rivalry reshaping AsiaBy Brahma ChellaneyThree years after China stealthily began encroaching on India’s territory in the Himalayas, no end is in sight for the two countries’ border standoff. Since then, India has more than matched China’s military deployments, fueling the largest-ever military buildup in the Himalayas, one of the world’s most inhospitable regions. In an effort to strengthen its territorial claim and provoke India, China has Sinicized the names of sites in Arunachal Pradesh. Moreover, the Sino-Indian rivalry has flared up at a time when China’s economy is running into long-term constraints, including a shrinking and rapidly aging population, and slowing productivity growth. With the US-China rivalry deepening, the last thing China needed was to make a permanent enemy of its largest neighbor.

Tsai made the remark during a legislative session in Taipei after a lawmaker asked if Taiwan had such exchanges with the group. Photo: George Tsorng, Taipei TimesChen asked Tsai if the upgrades could help Taiwan better connect to the Five Eyes. Chen asked if the upgrade would enable the bureau to share and receive intelligence from the Five Eyes alliance. However, China’s tactics differ in Taiwan from other places such as the US and Europe, he added. Lawmakers also expressed concern that Beijing has stepped up its monitoring of and threats toward Chinese living in Taiwan.

“Our alliance is leading on some of the most important and pressing issues of our time,” Harris said in remarks with Yoon by her side at the NASA facility. From left, South Korean first lady Kim Keon-hee, South Korean President Yoon Suk -yeol, US President Joe Biden and US first lady Jill Biden (obscured) visit the Korean War Veterans’ Memorial in Washington on Tuesday. NASA and Seoul’s Korea Aerospace Research Institute are working together to support future lunar exploration efforts, he said. Yoon yesterday was scheduled to visit the White House, an unnamed US official said. Other officials, speaking on condition of anonymity, said that there were no plans to station US nuclear weapons in South Korea.

South Korean GDP beats forecast with 0.3 percent growthBloombergSouth Korea’s economy grew more than expected at the beginning of the year, providing the central bank with breathing room while also highlighting ongoing risks to growth. Photo: BloombergThe data would be a welcome sign for BOK officials who are trying to balance taming inflation with economic growth. Keeping its key rate unchanged this month for a second straight meeting, the central bank said that economic growth this year might be slightly below its earlier 1.6 percent forecast. Meanwhile, equipment spending weighed on the quarterly data, contracting the most in at least two years. “Weak equipment spending suggests the IT [information technology] sector has yet to recover,” Ebest Investment & Securities Co analyst Woo Hye-young said.

CECC to be disbanded on Monday next weekCOVID-19 TO BE RECLASSIFIED: Vaccinations would continue to be provided, but starting from next week healthcare facilities could charge a registration feeBy Lee I-chia / Staff reporterCOVID-19 is to be reclassified as a Category 4 notifiable communicable disease on Monday next week and the Central Epidemic Command Center (CECC) is to be disbanded on the same day, the CECC said yesterday. After the center is disbanded, the Ministry of Health and Welfare is to carry out COVID-19-related response operations, it said. Deputy Minister of Health and Welfare Victor Wang (王必勝), who heads the center, said that after Premier Chen Chien-jen (陳建仁) visited the CECC yesterday afternoon, he has agreed to reclassify COVID-19 and allow the center to be disbanded on Monday next week. Photo: Lo Pei-de, Taipei TimesMonday next week marks the 1,197th day the center has been in operation, it said. CDC Director-General Chuang Jen-hsiang (莊人祥) said that vaccinations would continue to be provided at contracted healthcare facilities and vaccination stations, but starting from Monday next week, healthcare facilities could charge a registration fee.

NBCUniversal CEO quits amid relationship probeReutersNBCUniversal Inc CEO Jeff Shell has stepped down after acknowledging an inappropriate relationship with a woman in the company, following a complaint that prompted an investigation, parent company Comcast Corp said on Sunday. “I had an inappropriate relationship with a woman in the company, which I deeply regret,” Shell said in a statement. “I’m truly sorry I let my Comcast and NBCUniversal colleagues down.”Shell, who had been with Comcast for about two decades, left immediately. NBCUniversal Inc CEO Jeff Shell speaks at the Cannes Lions International Festival of Creativity in Cannes, France, on June 22 last year. Photo: ReutersThe former chairman of NBCUniversal Film and Entertainment took over as CEO in 2020, replacing Steve Burke.