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Andrés Ortega, senior research fellow, Real Instituto Elcano, said: “China’s controlled but ongoing globalization is essential for economic development. The US is pulling back, but not the rest of the world, with the effect being a loss of jobs and salaries. We need to recover multilateral, not unilateral, control on globalization and to make it more inclusive.”

Analysts said the removal of the equity cap in the commercial vehicle sector, including trucks and buses, will also trigger more interest from foreign companies.

And it is the antics of the Tsai administration that have prompted this move.

Analysts predicted features like OLED displays, wireless charging, and even perhaps augmented reality could come to upcoming iPhone models.

Analysts believe the tax exemption is a bonus for the much anticipated launch of crude oil futures in the country.