The Economic Stabilisation Board was a body established by the ROC government in 1951 with the purpose of coordinating trade and fiscal policies, and rescuing Taiwan's collapsing economy. Following the introduction of a new currency and extensive land reforms, it carried out three four-year economic development plans starting in 1953, 1957 and 1961 respectively.
The first of these stressed the development of electricity grids, which was a prerequisite for all further industrial developments, as well as textile and fertilizer production, as import substitution measures. The second elaborated on the first while emphasizing the development of heavy industry, national defence, and advanced technologies. By the 1960s, the ROC began the shift away from protectionism to develop an export-oriented economy, which was heavily reflected in the third of the economic development plans.
