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Taiwan economic growth at 23-year high in 2010

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Taiwan's economy grew by 10.47 percent in 2010, a 23-year high. / AFP/Patrick Lin

TAIPEI – Taiwan’s economy grew 10.47 percent in 2010, its fastest rate in 23 years, but it will slow to half that figure in 2011, the government said in a preliminary estimate.

The growth rate last year was the highest since 1987, the Directorate General of Budget, Accounting and Statistics said in a statement posted on its website late Monday.

“China was a major contributing factor to Taiwan’s trade growth last year, and the two economies are closely linked,” said Cheng Cheng-mount, an economist at Citibank Taiwan.

Taiwan’s exports jumped 34.8 percent to $274.64 billion last year, with those to China and Kong Kong hitting a record high $114.75 billion, or 41.8 percent of the overall figure, the finance ministry said earlier.

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