Cabinet secretary-general Kung named Taiwan's new economy minister

Taipei, Aug. 27 (CNA) Cabinet Secretary-General Kung Ming-hsin (龔明鑫) was named Taiwan's new minister of economic affairs on Wednesday, the Executive Yuan said, citing his record in shaping economic policy.

The Cabinet said in a press release that Kung, a former National Development Council (NDC) minister and deputy economy minister, is well placed to guide Taiwan's trade, industry and economy into its next phase.

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Kung, who came from Taiwan's economic think tank sector, helped shape initiatives such as the "5+2 Innovative Industries Plan" and the "Asia Silicon Valley" project, giving him experience in both traditional and high-tech policy development.

Kung became vice president of the Taiwan Institute of Economic Research in his 40s and was seen as a key economic strategist for the ruling Democratic Progressive Party (DPP).

Known for his approachable style, Kung has been praised for explaining complex economic issues in plain language while addressing the concerns of vulnerable sectors.

President Lai Ching-te (賴清德) named Kung to the Cabinet's top administrative post when he assumed office in May last year, citing his communication and coordination skills. Kung has since managed high-profile issues including U.S. tariffs and negotiations with legislative caucuses over the budget.

Among the issues facing Kung are new U.S. tariffs, which took effect Aug. 1 and set Taiwan's rate at 20 percent as talks continue under a Section 232 of the U.S. Trade Expansion Act investigation. The policy is expected to reshape supply chains and accelerate industry realignments in the coming months.

Kung is expected to focus on strengthening Taiwan's semiconductor sector while helping traditional industries weather the global downturn. His handling of Taiwan Power Co.'s finances and energy supply will also be closely watched.

Meanwhile, former Chung-Hua Institution for Economic Research (CIER) President Yeh Chun-hsien (葉俊顯) was appointed to lead the NDC.

The Executive Yuan said in a press release that Yeh has long advised the government and is well-versed in domestic industrial policy. It said it expects him to continue applying his expertise and communication skills in shaping policy.

A government source said Yeh provided extensive analysis at CIER, including proposals for relief measures during the COVID-19 pandemic. His past research has focused on fairness mechanisms and resource allocation, which the source said makes him well-suited to lead the NDC in coordinating resources.