Taipei: Cabinet Secretary-General Kung Ming-hsin has been appointed as Taiwan's new minister of economic affairs, according to the Executive Yuan. Kung, who previously served as a minister of the National Development Council (NDC) and deputy economy minister, is recognized for his substantial contributions to economic policy development in Taiwan.

According to Focus Taiwan, Kung's background in Taiwan's economic think tank sector and his role in initiatives like the "5+2 Innovative Industries Plan" and the "Asia Silicon Valley" project have equipped him with valuable experience in both traditional and high-tech policy realms. This experience is anticipated to be instrumental as he leads Taiwan's trade, industry, and economy into its future phase.

Kung's career highlights include serving as vice president of the Taiwan Institute of Economic Research, where he was regarded as a key economic strategist for the ruling Democratic Progressive Party (DPP). President Lai Ching-te appointed Kung to the Cabinet's top administrative post last May, recognizing his effective communication and coordination skills. Since then, Kung has overseen critical issues, including negotiations with legislative caucuses over the budget and managing U.S. tariffs.

A significant challenge ahead for Kung is handling the new U.S. tariffs that began on August 1, setting Taiwan's rate at 20 percent. These tariffs, part of a Section 232 investigation under the U.S. Trade Expansion Act, are expected to influence supply chains and hasten industry realignments. Kung is also tasked with bolstering Taiwan's semiconductor sector and supporting traditional industries amidst a global economic downturn, alongside managing Taiwan Power Co.'s finances and energy supply.

In a related development, former Chung-Hua Institution for Economic Research President Yeh Chun-hsien has been appointed to head the NDC. The Executive Yuan highlighted Yeh's extensive government advisory experience and expertise in domestic industrial policy. A government source noted Yeh's analytical contributions during the COVID-19 pandemic and his research on fairness mechanisms and resource allocation, which are expected to aid him in coordinating resources effectively at the NDC.