Taiwan's new leader has to abide by 1992 Consensus: Opinion

With the leadership election in Taiwan scheduled for Saturday, both sides of the Taiwan Straits are waiting to see whether the island's new leader would continue to abide by the historical 1992 Consensus. The consensus, which commits both sides to the one-China principle, should keep serving as the political foundation of cross-Straits relations, because it is in the best interest of compatriots on both sides of the Straits.

Since the Kuomintang, which adheres to the consensus, wrested the island's leadership from the Democratic Progressive Party in 2008, favorable progress has been made in peaceful cross-Straits exchanges despite the global financial crisis.

On its part, the Chinese mainland managed to not only secure its economic well-being, but also boost its trade and investment cooperation with Taiwan, which has benefited a lot from the increasing number of direct flights across the Straits, as well as the flow of mainland tourists, students and capital in recent years.

The Economic Cooperation Framework Agreement signed in 2010 facilitated a slew of cross-Straits negotiations on investment, and trade in services and goods until two years ago, when opposition protests on the island stalled the interaction.

Since the mainland is undergoing an economic transformation and Taiwan is struggling to boost its economic performance, cross-Straits investments are indeed beginning to slow down. However, the mainland's shifting economic focus has created a variety of opportunities that Taiwan can cash in on to upgrade some of its outdated enterprises, including those manufacturing original equipment.

The mainland's cross-Straits policy has always accorded priority to the well-being of Taiwan compatriots and enterprises. Also, the mainland's transnational cooperative projects, especially the Asian Infrastructure Investment Bank and the Belt and Road Initiative, can benefit compatriots across the Straits.