As English is becoming the global language of communication in all major fields today, the promotion of every citizen's English proficiency is now top priority to ensure Taiwan's competitiveness in the global arena. Policies regarding this issue have been formulated and implemented by the Ministry of Education, and beginning August 2005, official English instruction now starts from third grade. It is no exaggeration to say that English learning has become a "national sport" on this island. In view of the unsatisfactory performance of Taiwan college/university graduates' performance in standardized English proficiency tests such as TOEFL and IELTS, this paper first examines the policies and strategies which have been taken by the government to promote students' English proficiency at the college/university level. It then focuses on the hotly debated policy of imposing an English proficiency exit requirement for college/university graduates. This policy, however, is not a panacea. Citing a 4-year research project at National Taiwan Normal University as an example, the author argues that promoting college/university graduates' English proficiency in fact involves balanced coordination of a multitude of factors such as the innovation of the curriculum, recruitment of competent English language instructors, careful selection of textbooks, effective use of multimedia resources, as well as valid and reliable tools of assessment.