TAIPEI, Feb. 22 (Xinhua) - Taiwanese leader Ma Ying-jeou pledged on Wednesday that he will work to close the island's income gap during his next term.

Ma said at an economic forum that economic development is not the sole target for his administration, stating that social equity is important as well.

Wealth gaps should no longer be enlarged, he said.

The gap between the rich and poor has opened even wider as a result of globalization, and the global financial crisis has added insult to injury, Ma said.

Ma proposed revamping the island's subsidy system to benefit more low-income households, as well as pledged to increase taxes for the wealthy and create more jobs.

Ma is the incumbent chairman of the Kuomintang (KMT) and has served as Taiwan's leader for four years. He was re-elected in January.