Citizens of Taiwan could only be disappointed when Ma Ying-jeou delivered his first National Day address as Taiwan president last week.

They elected him in March on promises of faster economic growth, more wealth and a brighter future. But Mr Ma’s message was grave. “Since May, when the new administration took office, the world has been rocked by a financial crisis on a scale rarely seen,” he said. “Although this administration has been hard at work, our citizenry expects more from us. We feel deeply the pain of our people caused by the economic downturn.”