Chairman, Economic Planning and Development Council Tien-chih Chen of Taiwan

Chen is on a five-day visit to Taiwan that began Monday.

Specifically, Chen was asked, during a general Q session of the Legislative Yuan, whether the FSC will freeze assets of Nan Shan Life Insurance Co.

Meanwhile, FSC chairman Chen was also asked whether any Taiwan banks will go bankrupt amid the current financial crisis.

To this, Chen said so far, only Chinfon Bank was “in bad shape.

Acknowledging that Taiwan's economic advantages lie in its development in information technology industries and global logistic capabilities, the government should put in more effort to reinforce the nation's infrastructure by taking on a deregulatory move," Chen said in a written statement after his second meeting with the panel yesterday morning.