The Executive Yuan establishes the National Economic Council and vests it with the duties of managing national economic construction and development planning, examination, supervision and guidance.

As part of a reorganization of the Executive Yuan, the Ministry of Industry and Commerce and Ministry of Agriculture and Mines were merged to create the Ministry of Basic Industries. Under this new ministry were placed the Department of Agriculture, Department of Industry, Department of Commerce, Mines Department, Department of Fisheries and Animal Husbandry, Department of Labor, and the Forestry and Land Reclamation Office.

The Ministry of Basic Industries is reorganized as the Ministry of Economic Affairs (MOEA).

According to the Organic Law of the MOEA , the Ministry of Industry and Commerce, Ministry Agriculture and Forests, Ministry of Water Conservancy, and Energy Commission were merged and streamlined. The MOEA was placed in overall charge of affairs pertaining to national economic administration and development. Within the ministry, several departments were established, including the Department of Industry, Department of Mining, Department of Commerce, General Affairs Department, Accounting Department , Statistics Department, and Personnel Department, as well as the Agriculture and Forest Administration, Water Resources Agency and National Resources Commission and other subsidiary bodies.

The International Cooperation Department, Department of Investment Services, Department of Industrial Technology, and Small and Medium Enterprise Administration (SMEA) are established; and the Agricultural Administration and Department of Industry are converted into the Agricultural Bureau and Industrial Development Bureau.

The National Bureau of Standards and Bureau of Commodity Inspection were reorganized as the Intellectual Property Office and Bureau of Standards, Metrology and Inspection in order to carry out intellectual property protection policy and unify standards and inspection functions.

In conjunction with the streamlining of the Taiwan Provincial Government, the functions of provincial government departments in charge of construction, material resources, and water conservancy, as well as the Taipei Water Resource Specific Committee, and Bureau of Mines were merged under the MOEA. The MOEA also established a Second Office and Central Taiwan Division.

The Energy Commission is reorganized as the Bureau of Energy to reflect the agency's evolving functions.