US Boosts Taiwan, Pressures China with New Bills
In a significant move, the United States House of Representatives has advanced three bipartisan finance bills aimed at strengthening American support for Taiwan while exerting pressure on mainland China. The bills, passed by the Republican-controlled House, focus on key aspects such as Taiwan’s inclusion in the International Monetary Fund (IMF), countering threats from Beijing, and pushing for transparency in China’s exchange rates.
Strengthening Taiwan’s International Standing
The first bill, sponsored by California Republican Young Kim, supports Taiwan’s inclusion as a member of the IMF. Titled the Taiwan Non-Discrimination Act of 2023, Kim’s bill not only advocates for Taiwan’s IMF membership but also emphasizes employment opportunities for Taiwanese nationals within the organization. The bill aims to send a “strong message of solidarity and support for their democracy,” said Kim, echoing Washington’s growing endorsement of Taiwan in international institutions.
Counteracting Beijing’s Influence
The second bill, introduced by Oklahoma Republican Frank Lucas and named the Protect Taiwan Act, addresses potential threats to Taiwan arising from Beijing’s actions. If the U.S. president notifies Congress of such threats, the bill makes it U.S. policy to exclude China from key international bodies like the Group of 20, the Bank for International Settlements, and the International Organisation of Securities Commissions. House Financial Services Committee Chairman Patrick McHenry emphasized that this move would make China a “pariah in key organizations devoted to ensuring global economic stability.”
Demanding Transparency in Exchange Rates
The third bill, sponsored by Pennsylvania Republican Dan Meuser, is the China Exchange Rate Transparency Act of 2023. This legislation requires the U.S. Treasury to urge the IMF to publish significant divergences between Chinese exchange-rate policies and those of other major economies. Meuser highlighted the need to hold China accountable for maintaining “orderly exchange-rate arrangements without manipulation” and ensuring that they do not exploit the system to their advantage.
Contextualizing the Legislative Push
These developments come just ahead of Taiwan’s pivotal presidential election, where the Democratic Progressive Party faces a strong challenge from the more conservative and Beijing-friendly Kuomintang. The U.S. has increasingly backed Taiwan’s participation in international organizations while expressing concerns about Beijing’s active role in them.
International Support for Taiwan’s Democracy
Simultaneously, dozens of U.S. lawmakers co-sponsored a resolution praising democracy in Taiwan. The resolution expresses commitment to supporting Taiwan’s self-defense and liberty through effective deterrence. It lauds Taiwan’s rule of law, vibrant civil society, diverse economy, and stable political system, contrasting it with the situation in China.
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China’s Response and Ongoing Negotiations
China has firmly opposed any official contact between the U.S. and Taiwan, urging Washington to refrain from interfering in Taiwan’s elections. Despite the lack of formal diplomatic ties, the U.S. remains Taiwan’s most important international backer and arms supplier.
Meanwhile, the approval of security assistance for Taiwan requested by President Joe Biden remains in limbo. Negotiations between Republicans and Democrats are ongoing, with disagreements over tying the aid package to U.S. immigration policy.
In summary, the passage of these finance bills signals a concerted effort by the U.S. to bolster Taiwan’s international standing and counteract Beijing’s influence, setting the stage for potential shifts in the dynamics of the Taiwan-China relationship. The resolutions also underscore Washington’s commitment to supporting democracy in Taiwan amid the escalating tensions in the region.
In a significant move, the United States House of Representatives has advanced three bipartisan finance bills aimed at strengthening American support for Taiwan while exerting pressure on mainland China. The bills, passed by the Republican-controlled House, focus on key aspects such as Taiwan’s inclusion in the International Monetary Fund (IMF), countering threats from Beijing, and…
In a significant move, the United States House of Representatives has advanced three bipartisan finance bills aimed at strengthening American support for Taiwan while exerting pressure on mainland China. The bills, passed by the Republican-controlled House, focus on key aspects such as Taiwan’s inclusion in the International Monetary Fund (IMF), countering threats from Beijing, and…
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