Taiwanese President Tsai Ing-wen said Sunday evening that the self-ruled democratic island 'stands with the people of Hong Kong' as she pledged 'necessary assistance' to Hong Kongers who need help.
"There's growing concerns in the mainland around the potential for Taiwan to enhance its international standing in part as a result of support from the United States, but also frankly from the outstanding job that Taiwan has done in battling the Covid-19 pandemic," Elizabeth Economy, C.V. Starr senior fellow and director for Asia studies at the Council on Foreign Relations, said Friday.
With the latest developments in Hong Kong, the Taiwanese people are likely to be even more wary about China's pursuit. Major political parties in Taiwan have rejected the "one country, two systems" model that China has been trying to sell the island. Hong Kong operates under that framework, which is supposed grant the city legal and economic systems that are separate from those of the mainland.
"I don't think anyone in Taiwan, very few people, will believe in the 'one country, two systems' formula. So this means that Taiwan is going to drift much more out of the category of the One China complex," said Orville Schell, Arthur Ross director of the Center on U.S.-China Relations at the Asia Society.
"That's very, very fraught, because then you end up with a cross-strait situation and a potential military conflict should Taiwan drift far enough that China feels it has to take some kind of demonstrative, at least symbolic action to prevent it," Schnell told CNBC on Friday.
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