Taipei Economy

Taipei has been at the centre of rapid economic development in the country and has now become one of the global cities in the production of high technology and its components. Taiwan is now a creditor economy, holding one of the world's largest foreign exchange reserves of more than $500 billion (100 G$) in 1999. Despite the Asian financial crisis, the economy continues to expand at about 5% per year, with virtually full employment and low inflation. As of 2007, the nominal GDP of the core city of Taipei has accrued to an amount of nearly 160 billions US, while the metro region of Taipei has a GDP (nominal) of around 260 billion US, a record that would put it at the 13th position in the GDP of cities in the world.

Beginning in the 1960s, many older, low wooden buildings in Taipei began to be replaced with high-rise apartment houses and office buildings. Because of the population influx and the priority given to office and industrial construction, an acute shortage of housing developed in the city. The government has taken steps since the late 1960s to build affordable public housing, but overall real-estate costs have remained high. Much new construction has occurred in the city center, particularly in the area of the Presidential Building and the Nationalist Party headquarters, and broad boulevards now radiate from there to all parts of the city. Among the more notable commercial projects was the Taipei 101 (Taipei Financial Center) building which, when its framework was completed in 2003, became the world's tallest building, reaching 508 m.

Taipei and its environs have long been the foremost industrial area of Taiwan. Most of the country's important factories producing textiles and wearing apparel are located there; other industries include the manufacture of electronic products and components, electrical machinery and equipment, printed materials, precision equipment, and foods and beverages. Services, including those related to commerce, transportation, and banking, have become increasingly important. Tourism is a small but significant component of the local economy.

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