Taiwan ushered in a new political order yesterday with the inauguration of the ROC's 10th president, Chen Shui-bian (陳水扁), during a grand ceremony in front of the Presidential Office in Taipei -- the former palace of the governor-general during the Japanese era and a symbol of the KMT's half century of rule since then.
The ceremony, which was watched live by thousands from around the nation and abroad, also featured a potpourri of choral and musical performances -- including a rendering of the national anthem sung by pop star A-mei.
In Chen's widely anticipated, closely guarded inaugural address that followed -- titled "Taiwan Stands Up: Toward the Dawn of a Rising Era" -- Chen brought up "one China" only as a "future" possibility for negotiations, which China blasted later as a sign that Chen "lacks sincerity."
Reaction on the part of Taiwan's stock market also appeared to fall short of expectations. Share prices plunged 3.3 percent yesterday -- partly, according to some reports -- in reaction to the speech which held out the possibility of a "future one China."
The market plummeted 4.6 percent in an immediate reaction to Chen's speech, but recovered slightly at the close.
The Taiwan Stock Exchange weighted price index had fallen 299.42 points to 8,820.35 by the opening bell.
Other reports said the drop was also influenced by losses on the NASDAQ.
Taiwan's military, meanwhile, remained in a state of high alert which was called a day before the inauguration ceremony, but officials reported no unusual movements either in the Taiwan Strait or in China. They also dismissed earlier reports that quoted witnesses as spotting Chinese warships off Taiwan's east coast.
During the address, Chen made no bones about the historic nature of Taiwan's unprecedented road to democracy, culminating in its first peaceful transfer of political power between political parties.
"We are here today, not just to celebrate an inauguration, but to witness the hard-won democratic values, and to witness the beginning of a new era," Chen said.
Significantly, the new president acknowledged the roots of yesterday's achievement. "The alternation of political parties does not mean an all-out negation of the past," Chen said. "Mr Lee Teng-hui (李登煇) deserves our highest praise and heartfelt honor for his promotion of democratic reforms and for his excellent performance during his 12 years of leadership."
On the much-anticipated issue of cross-strait relations, Chen appeared ready to hold out hope for eventual considerations of reunification, but trod lightly over Beijing's insistence that he conform to its "one China" policy.
"We believe that the leaders on both sides possess enough wisdom and creativity to jointly deal with the question of a future 'one China,'" Chen said.
Instead, Chen highlighted the historical and cultural similarities between Taiwan and China.
He also repeated his so-called "four no's:" no to declaring independence, to changing Taiwan's formal name from the Republic of China, to enshrining "state-to-state" in the Constitution, or endorsing a referendum on formal independence.
Notably, he also said he would not abolish neither the National Reunification Council or the National Reunification Guidelines, both established by Lee Teng-hui in 1991.
Significantly, however, Chen preceded his "four no's" with the following condition: "as long as the CCP regime has no intention to use military force against Taiwan."
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