Nancy Pelosi’s Taiwan visit has violated the One China principle


Zhang Yiming
Zhang Yiming
  • English
  • Arabic

August 05, 2022

On Tuesday, in disregard of China’s Beijing’s strong opposition and serious representations, the Speaker of the US House of Representatives, Nancy Pelosi, visited the Taiwan region. China will take every legitimate and necessary countermeasure to safeguard its sovereignty, territorial integrity and national dignity. Ms Pelosi’s visit is a serious violation of the One China principle and the provisions of the three China-US joint communiques. It has an adverse impact on the political foundation of China-US relations. It also gravely undermines peace and stability across the Taiwan Strait, sending the wrong signal to separatist forces calling for Taiwan’s independence.

The US Congress is an integral part of the US government, in which Ms Pelosi is the third high-ranking figure and is supposed to strictly abide by its One China principle. But, she put the political commitment of the US aside with her reckless action, drawing indignation from more than 1.4 billion Chinese people and triggering widespread opposition from the international community. Now everyone can see clearly who is changing the status quo in the Taiwan Strait, who is endangering regional peace and stability, and who is undermining the international order. China’s defence of its territorial integrity and its opposition to national secession are both reasonable and legitimate.

Since its founding more than 70 years ago, the People's Republic of China has made remarkable strides, and it is on the path to national reunification. Taiwan has been a Chinese territory since ancient times, and both sides of the Strait share the same roots and ancestry. There is only one China in the world, Taiwan is an inalienable part of its territory, and the government of the PRC is the sole legal government representing the whole of China, as clearly recognised by UN General Assembly Resolution 2758 of 1971. The One China principle is the universal consensus of the international community and the basic norm of international relations, based on which 181 countries have established diplomatic relations with Beijing. The Taiwan question arose when the country was weak and chaotic at the time, but it will surely end with national rejuvenation.

The UAE is a peace-loving country that upholds the principle of anti-interference. In recent years, under the auspices of Chinese President Xi Jinping and UAE President Sheikh Mohamed, relations between the two countries are at their best in history, with close collaborations on issues involving both countries' core interests and concerns. China highly appreciates the UAE's adherence to the One China principle on Taiwan-related issues and valuable support given to Beijing. Meanwhile, China always comes forward to support the UAE’s efforts to safeguard its sovereignty, security and stability, as it did in January this year, when the latter came under attack. This reflects the spirit of brotherhood that exists between the two sides even during adversity.

High mountains cannot stop rivers running eastwards. The realisation of the reunification of the motherland is the common wish of every son and daughter of the Chinese nation and is also an unstoppable historical trend, which won’t be diverted by anyone's will. Chinese Foreign Minister Wang Yi said: “In the face of the great cause of national unification, the Chinese people have the guts not to be misled by fallacies or scared by evils, the ambition to never be intimidated or crushed, the determination to unite as one, and the ability to resolutely safeguard national sovereignty and national dignity.” I believe that, with the support of a large number of the international community's members, Taiwan will return to the embrace of its motherland on an early date.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

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Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

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The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

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Daily visitors to Dragon Mart in 2010: 20,000

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Updated: August 08, 2022, 2:15 PM