Chinese President Jiang Zemin (
It is highly inappropriate for Jiang to even suggest an exchange. It erroneously implies that the US and Taiwan are also culpable for the cross-strait arms race and the threat to peace. But there would be no need for the US to sell defensive arms to Taiwan without Chinese aggression. China is the one that must undo what it started by removing the missiles with no strings attached. Once that is done Taiwan will put its money to other ends.
The exchange also places Chinese missiles and arm sales to Taiwan on a comparable level when the two are completely at odds. Missiles are offensive weapons while the arms being sold to Taiwan are defensive weapons. Taiwan can purchase all the defensive arms in the world yet it will still represent no threat, but the missiles deployed by China are probably sufficient to send Taiwan to the bottom of the Strait.
Moreover, a mere freeze or even a removal of the missiles hardly seems enough. The real threat to Taiwan is China's repeated declarations that it reserves the right to use force to take over the country. What Taiwan really needs from China is a promise to renounce the use of force and to resolve cross-strait differences peacefully. Until that is done, Taiwan is not safe. Unfortunately, during the recent 16th National Congress of the Chinese Communist Party (CCP), Jiang Zemin talked of using force "only" against pro-independent activists and foreign forces that intend to prevent unification.
Even if one takes Jiang's words at face value there are still many practical issues that must be resolved first. An impartial verification mechanism to check whether China is carrying out its end of the bargain would be needed. Will China agree to inspections by the UN, the US or some other third party? If Jiang is sincere he should offer specific details.
More than likely the gesture by Jiang is no more than a diplomatic and propaganda stunt. For years the US has consistently taken the offensive in raising concerns about missile threats and China has uniformly responded by claiming that it has every right to deploy missiles in its own territory free of foreign interference. This time around, Jiang probably decided to turn the tables on the US. It seems as if he has succeeded, for Bush was reportedly caught off guard by the proposition.
The proposal at least suggests that China is feeling pressured by the international condemnations against its missile deployment and was forced to tactfully shift some of the blame onto the US. China may very well have taken its first step toward civilization, since it is apparently at last beginning to care what others think.
The conflict in the Middle East has been disrupting financial markets, raising concerns about rising inflationary pressures and global economic growth. One market that some investors are particularly worried about has not been heavily covered in the news: the private credit market. Even before the joint US-Israeli attacks on Iran on Feb. 28, global capital markets had faced growing structural pressure — the deteriorating funding conditions in the private credit market. The private credit market is where companies borrow funds directly from nonbank financial institutions such as asset management companies, insurance companies and private lending platforms. Its popularity has risen since
The Donald Trump administration’s approach to China broadly, and to cross-Strait relations in particular, remains a conundrum. The 2025 US National Security Strategy prioritized the defense of Taiwan in a way that surprised some observers of the Trump administration: “Deterring a conflict over Taiwan, ideally by preserving military overmatch, is a priority.” Two months later, Taiwan went entirely unmentioned in the US National Defense Strategy, as did military overmatch vis-a-vis China, giving renewed cause for concern. How to interpret these varying statements remains an open question. In both documents, the Indo-Pacific is listed as a second priority behind homeland defense and
Every analyst watching Iran’s succession crisis is asking who would replace supreme leader Ayatollah Ali Khamenei. Yet, the real question is whether China has learned enough from the Persian Gulf to survive a war over Taiwan. Beijing purchases roughly 90 percent of Iran’s exported crude — some 1.61 million barrels per day last year — and holds a US$400 billion, 25-year cooperation agreement binding it to Tehran’s stability. However, this is not simply the story of a patron protecting an investment. China has spent years engineering a sanctions-evasion architecture that was never really about Iran — it was about Taiwan. The
After “Operation Absolute Resolve” to capture former Venezuelan president Nicolas Maduro, the US joined Israel on Saturday last week in launching “Operation Epic Fury” to remove Iranian supreme leader Ayatollah Ali Khamenei and his theocratic regime leadership team. The two blitzes are widely believed to be a prelude to US President Donald Trump changing the geopolitical landscape in the Indo-Pacific region, targeting China’s rise. In the National Security Strategic report released in December last year, the Trump administration made it clear that the US would focus on “restoring American pre-eminence in the Western hemisphere,” and “competing with China economically and militarily