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Shares of American Eagle Outfitters Inc. declined significantly by over 13% following the company’s release of weaker-than-expected …
July 2, 2021: On Thursday, Chinese President Xi Jinping pledged a “complete reunification” with Taiwan, drawing a strong rebuke from the democratic, self-ruled island, criticizing the Chinese Communist Party’s “dictatorship.”
Taiwan and mainland China are parted by the Taiwan Strait, which is only nearly 100 miles wide at its narrowest point. Beijing’s ruling Chinese Communist Party has never controlled Taiwan, but it claims the island is a runaway province that should be reunited with the mainland by force if necessary.
In a speech to mark the 100th year of CCP, xi called “reunification” with Taiwan an “unswerving historical mission” of the party and a “common aspiration” of the Chinese people. The audience then responded with applause.
Mainland Affairs Council of Taiwan lashed out at the CCP in a statement after Xi’s speech. It said it achieved the party had economic development in China but further said that it has clamped down on democracy, violated human rights, and grown more domestically dictatorial.
“Democracy, freedom, human rights, and the rule of law are core principles of Taiwanese society, a major institutional difference from the other side of the strait,” said the Mandarin-language statement, which CNBC translated.
The council said the Taiwanese government is remaining determined to defend the island’s sovereignty and democracy. However, it added that the Taiwanese people have rejected the “one China principle” and urged Beijing to abandon military intimidation directed at the island.
The “one-China principle” refers to the concept that there’s only one central Chinese government under the Communist Party in Beijing.
Under Xi’s leadership, China has become aggressive asserted its claims over Taiwan, and there have been numerous breaches of Taiwan’s air defense zone by Chinese warplanes this year.
Taiwan has also become a contentious issue among the United States and China. The U.S. has moved closer to Taiwan, angering Beijing, which considers the island to have no right to conduct its diplomacy in recent years.
China pressures different countries and international organizations not to deal with Taiwan independently. The G-7 group of advanced economies, which include the United States, called for Taiwan to participate in forums put on by the World Health Organization in May.
On Wednesday, on former senior diplomat from Singapore, Bilahari Kausikan, told CNBC that Taiwan is the dangerous flashpoint in U.S.-China relations.
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