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n, DC; there are also branch offices called Taipei Economic and Cultural Office (TECO) in 12 other US cities Diplomatic representation from the US: none; unofficial commercial and cultural relations with the people on Taiwan are maintained through an unofficial instrumentality - the American Institute in Taiwan (AIT) - which has offices in the US and Taiwan; US office at 1700 N. Moore St., Suite 1700, Arlington, VA 22209-1996, telephone: [1] (703) 525-8474, FAX: [1] (703) 841-1385); Taiwan offices at #7 Lane 134, Hsin Yi Road, Section 3, Taipei, Taiwan, telephone: [886] (2) 2162-2000, FAX: [886] (2) 2162-2251; #2 Chung Cheng 3rd Road, 5th Floor, Kaohsiung, Taiwan, telephone: [886] (7) 238-7744, FAX: [886] (7) 238-5237; and the American Trade Center, Room 3208 International Trade Building, Taipei World Trade Center, 333 Keelung Road Section 1, Taipei, Taiwan 10548, telephone: [886] (2) 2720-1550, FAX: [886] (2) 2757-7162 Flag description: red field with a dark blue rectangle in the upper hoist-side corner bearing a white sun with 12 triangular rays Economy Taiwan Economy - overview: Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the authorities. In keeping with this trend, some large, state-owned banks and industrial firms are being privatized. Exports have provided the primary impetus for industrialization. The island runs a large trade surplus, and its foreign reserves are among the world's largest. Despite restrictions on cross-strait links, China has overtaken the US to become Taiwan's largest export market and its second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Strong trade performance in 2007 pushed Taiwan's GDP growth rate above 5%, and unemployment is below 4%. GDP (purchasing power parity): $698.6 billion (2007 est.) GDP (official exchange rate): $383.3 billion (2007 est.) GDP - real growth rate: 5.7% (2007 est.) GDP - per capita (PPP): $30,100 (2007 est.) GDP - composition by sector: agriculture: 1.4% industry: 27.5% services: 71.1% (2007 est.) Labor force: 10.71 million (2007 est.) Labor force - by occupation: agriculture: 5.3% industry: 36.8% services: 57.9% (2007 est.) Unemployment rate: 3.9% (2007 est.) Population below poverty line: 0.95% (2007 est.) Household income
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