FT News Briefing Taiwan defies China in election
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Jan 15, 2024 Taiwan's recent presidential election highlights a bold defiance against China, with new leader Lai Ching-de pushing for formal independence. Meanwhile, the Iowa caucuses heat up with Trump leading the Republican race amidst poor weather. U.S. banks report that consumers are holding up well, even as lending profits face scrutiny amid fluctuating interest rates. The discussion also covers how lower rates could boost trade and consumer spending, pointing to the ongoing recovery in the financial landscape.
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Taiwan Defies China
- Taiwanese voters defied China's warnings and elected Lai Ching-te as their new president.
- Lai's win is a setback for Beijing, who views him as a separatist.
Lai Ching-te's Background
- Lai Ching-te, Taiwan's president-elect, is a doctor-turned-politician.
- He's currently the vice president and belongs to the pro-independence wing of the DPP.
China's View of Lai
- China dislikes Lai Ching-te even more than his party, the DPP.
- They prefer the Kuomintang, who are more open to the idea of Taiwan being part of China.