Washington,September 10:
The Taiwan Conflict Deterrence Act, a landmark measure to combat China's increasing aggression towards the self-governing island, has been unanimously approved by the United States House of Representatives. According to the Central News Agency of Taiwan, the legislation that was passed on Monday seeks to hold Chinese Communist Party (CCP) officials and their families financially accountable in the event that Beijing attacks Taiwan.
The bill, which was introduced in January by French Hill (R-FL) and Sherman (D-CA), makes it very clear to Beijing that the corrupt leadership of China will face severe consequences if they attack Taiwan.
This law gives the US Treasury the green light to expose the hidden wealth of high-ranking CCP officials and their families in the event that they commit acts of hostility toward Taiwan.
"If China chooses to attack the free people of Taiwan, [the bill] requires the Treasury Secretary to publish the illicit assets of Beijing's senior-most leaders, including the names of financial institutions maintaining accounts," Hill stated in his speech to the House.
He made the astute observation that official wealth accumulation in China has contributed to rising inequality within the country, since the government does not offer a sufficient social safety net for its residents.
The act imposes financial sanctions, cutting off CCP leaders and their families from the U.S. financial system, and threatens to reveal these ill-gotten fortunes, according to the Central News Agency report.
"For Chinese officials whose families profit from their ill-gotten gains, they too will find the world becoming a much smaller place," Hill warned, implying that China's elite will have a harder time concealing their wealth as the extent of global monitoring grows.
The bill's introduction coincides with escalating global anxiety over China's growing military might, especially in relation to Taiwan, a democratic island self-governing region that Beijing asserts as its own.
The hostility towards Taiwan has become a symbol of China's regional ambitions for dominance, endangering peace and stability in the Indo-Pacific. This comes on top of the Chinese Communist Party's persistent disregard for international rules.
These worries were also voiced by Representative Sherman, who emphasized that the United States is closely monitoring the growing threats from China.
"This bill is designed to put the government of China on notice that the United States is closely watching its increasing threats toward Taiwan," said Sherman.
The corrupt system in China has long benefited the ruling elite, who have amassed fortunes for themselves and their families at the expense of the common man, who faces economic uncertainty and the fast falling real estate market.
As China faces increasing economic difficulties, this law exposes the hypocrisy of its officials, many of whom have hidden billions overseas.
Foreign Minister Lin Chia-lung of Taiwan recently visited Taipei and lauded the United States Congress for its novel strategy in preventing Chinese military aggression. Lin stressed the potential importance of this law in preserving regional stability.
Not only does the passage of the Taiwan Conflict Deterrence Act demonstrate Washington's resolve to protect Taiwan, but it also reveals the extent to which China's ruling class is corrupt. The harsh stance taken by Beijing towards Taiwan may now have more direct consequences for the authorities who support it.
