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... Will 2024 add a crisis over Taiwan? The self-governing island will hold elections on January 13th, as will America on November 5th. Both polls will raise the geopolitical heat at a time of military tension across the Taiwan Strait and deepening rivalry between America and China.
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America, Taiwan’s main protector, will not favour any candidate in the island’s election. But American officials have long fretted that a victory for Lai Ching-te, deputy to President Tsai Ing-wen and fellow member of the independence-minded Democratic Progressive Party (dpp), could lead to escalation. He is leading polls by five percentage points, according to The Economist’s tracker.
China calls Mr Lai a “destroyer of peace”. Mr Lai, for his part, once described himself as a “pragmatic worker for Taiwan independence”. Of late, though, he has emphasised the fudgy status quo. He says Taiwan is “already a sovereign country” and thus has no need to declare independence. That position still infuriates the mainland, and Mr Lai’s election could quickly be met with intensified Chinese economic or military pressure.
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Beijing called him a "troublemaker" and a dangerous "separatist". Now he will be Taiwan's next president.
China's claims over Taiwan are not new - it sees the island as part of its territory and Xi Jinping has made unification a goal. But the threats have ramped up in the past year.
And yet, despite renewed warnings from China against voting for the ruling Democratic Progressive Party (DPP), millions of Taiwanese headed to the polls under warm, sunny skies on Saturday to do just that.
They picked their 64-year-old vice-president, a doctor-turned politician, William Lai Ching-te, to lead Taiwan through its testy relationship with China.
It's an unprecedented third term for the DPP, a party China sees as skirting too close to its unquestionable red line - Taiwanese independence.
How Mr Lai manages Beijing, and how Beijing reacts to him, will determine his presidency.
Mr Lai has promised that his term will be a continuation of the eight years of his predecessor, Tsai Ing-wen.
Even in his Saturday address, he chose his words carefully and offered dialogue and co-operation.
On the campaign trail he has repeated her formula over and over that there is "no need to declare independence, because Taiwan is already an independent sovereign state - its name is the Republic of China - Taiwan".
However, Mr Lai has long been considered much more of a firebrand than the cautious President Tsai.
He came up through the DPP's ranks as a member of the "new wave" faction, which advocated the formal declaration of Taiwan independence.
Mr Lai and his running mate Hsiao Bi-khim are deeply disliked and mistrusted by Beijing, which has banned them both from travel to mainland China and Hong Kong.
Ms Hsiao, the daughter of an American mother and a Taiwanese father, was most recently Taiwan's representative to the US.
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https://www.state.gov/united-with-ukraine/“The United States’ commitment to Ukraine’s independence, sovereignty, and territorial integrity is ironclad.”
Antony J. Blinken
Secretary of State
After the US took several steps to prevent Chinese companies from acquiring both the latest Nvidia AI chips as well as Europe's semiconductor titan ASML from sending its advanced chipmaking machines to Beijing (which resulted in a one-time flood of Chinese orders into both ASML and NVDA ahead of the sales ban which the market assumed was a recurring thing and priced out Nvidia revenue growth ridiculous higher compared to where it will end up being), China has retaliated by introducing new guidelines that will mean US chips from Intel and AMD are phased out of government PCs and servers, as Beijing ramps up a campaign to replace foreign technology with homegrown solutions, the FT reported.
This escalation in the chip war between the two superpowers in the form of stricter government procurement guidance also seeks to sideline Microsoft’s Windows operating system and foreign-made database software in favor of domestic options, and runs alongside a parallel localization drive under way in state-owned enterprises.
According to the FT, the latest purchasing rules "represent China’s most significant step yet to build up domestic substitutes for foreign technology and echo moves in the US as tensions increase between the two countries." In the past year, Washington has imposed sanctions on a growing number of Chinese companies on national security grounds, legislated to encourage more tech to be produced in the US and blocked exports of advanced chips and related tools to China.
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Notable attendees included Stephen Schwarzman, co-founder and CEO of private equity firm Blackstone Inc, Raj Subramaniam, head of American delivery giant FedEx Corp, and Cristiano Amon, the boss of chips manufacturer Qualcomm Inc, according to state media.
The meeting comes after a decline in foreign direct investment into China, attributed to concerns over new regulations, including an anti-espionage law, exit bans, and raids on consultancies and due diligence firms.
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I failed to post it here, but Yellen visited China and tried to ... advance US interests. I'm not sure that it was a fruitful meeting.
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