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China

Taiwan's President-Elect Offers Olive Branch to Beijing Amid Rhetoric of Independence

Strategic Insights

— 1 min read

Taiwan's president-elect Chen Shui-bian has made a significant overture towards Beijing, calling for a "peace summit" between the two sides while insisting that Taiwan must be treated as an equal. This move marks a significant departure from the pro-independence stance of his Democratic Progressive Party, which has been a central platform during the campaign. Chen's offer of talks with China on the principle of "one China" has been met with a lukewarm response from Beijing, which has long regarded Taiwan as a breakaway province and has threatened to invade if the island splits away.

Key Takeaways:

  • Chen Shui-bian has called for a "peace summit" with Beijing, offering to discuss issues including the principle of "one China".
  • Chen's Democratic Progressive Party has independence as a central platform, but he has repeatedly stated that he will not hold a referendum on independence or change the flag and constitution.
  • Chen has urged a peace agreement, the establishment of "military confidence-building mechanisms", and the easing of Taiwan's decades-old ban on direct trade, transport, and postal links with the mainland.
  • Outgoing President Lee Teng-hui has agreed to step down as party chairman in September, a year ahead of schedule, after facing intense protests and criticism from party members.
  • The stock market in Taiwan has seen significant losses, with the index falling 2.59% to 8536.05 by the close, amidst concerns over political instability and uncertain relations with Beijing.
  • Angry protesters have gathered outside the Nationalist Party's headquarters in Taipei for the second day, demanding the resignation of President Lee.

Statistics:

  • 2.59%: The percentage decline in the Taiwanese stock market index by the close.
  • 8536.05: The closing index of the Taiwanese stock market.
  • 3%: The volatility limit that Taiwanese stocks fell to.
  • 1%: The percentage of Nationalist Party members who blame President Lee for the party's defeat.
  • 1000s: The number of protesters who pelted the Nationalist Party headquarters with rocks and eggs and clashed with riot police.

Sources:

  • "Taiwan's president-elect calls for `peace summit' with Beijing". By BENJAMIN KANG LIM, Taipei, January 16, 2000.
  • Asian stocks recover from Taiwan's decline. Various online sources, January 17, 2000.

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