The US House of Representatives on Sept. 9 voted overwhelmingly to pass the Taiwan Conflict Deterrence Act of 2023. The core content of the act is to impose financial sanctions on the most senior officials of the Chinese Communist Party (CCP) and their immediate relatives with the goal of preventing a Chinese military invasion of Taiwan. This act symbolizes the US’ close attention to Taiwan’s safety and uses strict economic measures to intimidate the CCP from attempting to escalate tensions across the Taiwan Strait.
The act states that the moment China initiates an invasion of Taiwan, financial sanctions would immediately take effect against CCP officials and members of their immediate family. This would include freezing all of their assets in the US and elsewhere. They would also be prohibited from accessing the US financial system.
The act simultaneously calls on the US government to mobilize the international community and urge other nations to impose sanctions on CCP officials. The act’s purpose is to counter the individual wealth and global influence of Chinese leaders, forcing them to think very carefully about issues surrounding Taiwan before acting rashly.
The bill was introduced by US Representative French Hill, who indicated that its intention is to force the CCP to understand that any and all hostile military action against Taiwan would result in severe consequences at both the personal and international levels.
Hill said the US must ensure that senior CCP officials cannot so frivolously threaten Taiwan’s sovereignty without paying a price. He emphasized that imposing sanctions on the wealth of CCP officials would effectively deter their unchecked ambition toward Taiwan.
Aside from the sanctions on CCP officials, the bill also emphasizes that the US would utilize the influence of international financial organizations — in particular the IMF — to unite other nations to jointly pressure China. The US would employ the power of discourse to prevent China from further increasing its influence over currencies and economies. This goal was also behind the Chinese Currency Accountability Act of 2023, which similarly attempts to restrain China’s global economic expansion.
The act illustrates the US’ increasingly tough policy toward China — particularly in the context of Taiwan — and would likely lead to heightened tensions between the two nations. With military affairs in the Taiwan Strait growing more complicated by the day, the US House passed the act to make clear to the world its determination to defend Taiwan.
US economic pressure on China is not limited to the realms of technology and trade, but now extends to sanctions on individual CCP officials. This would undoubtedly intensify hostilities between the two nations. China would likely come up with a sharp response that would garner attention from the international community.
Whether the US’ financial sanctions successfully prevent the CCP from threatening Taiwan would be decided by both international cooperation and the methods employed by the Chinese leadership to respond to this pressure.
The act exhibits the US government’s unyielding attitude toward Taiwan’s defense by utilizing financial sanctions to control China’s aggressive behavior. It has added yet another variable to the China-US relationship and would influence the development of the strategic situation in the Taiwan Strait.
Achieving a balance in the realms of diplomacy, economics and military affairs has become a crucial challenge that must be confronted by the US, Taiwan and the rest of the international community.
Kristy Cho is a writer.
Translated by Kyra Gustavsen
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