Washington September 10
The US House of Representatives has unanimously passed the Taiwan Conflict Deterrence Act, a significant move aimed at countering China's growing belligerence against the self-governed island.
The legislation passed on Monday aims to expose and restrict the financial dealings of Chinese Communist Party (CCP) officials and their families if Beijing launches an assault on Taiwan, the Central News Agency of Taiwan reported.
Introduced in January by Republican Representative French Hill and Democratic Representative Brad Sherman, the bill sends a clear message to Beijing: any aggression against Taiwan will come at a steep cost to China's corrupt leadership.
The act authorises the US Treasury to publicly reveal the illicit financial assets of top CCP officials and their families if they engage in hostile actions against 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," said Hill during his address to the House.
He pointedly noted that the Chinese government, which fails to provide a proper social safety net for its citizens, has allowed its officials to amass immense wealth, deepening domestic inequality.
The Central News Agency report further stated that the legislation not only threatens to expose these ill-gotten riches but also imposes financial sanctions, cutting CCP officials and their families off from the U.S. financial system.
"For Chinese officials whose families profit from their ill-gotten gains, they too will find the world becoming a much smaller place," Hill added, suggesting that China's elite will struggle to hide their wealth as global scrutiny increases.
The bill comes amid mounting international concern over China's militaristic ambitions, particularly towards Taiwan, a self-governing democracy that Beijing claims as its territory.
While the Chinese Communist Party has consistently flouted international norms, its aggression towards Taiwan has become an emblem of its broader ambitions of regional dominance, threatening peace and stability in the Indo-Pacific.
Representative Sherman echoed these concerns, emphasizing that the US is keeping a close watch on China's escalating threats.
"This bill is designed to put the government of China on notice that the United States is closely watching its increasing threats toward Taiwan," Sherman said.
China's leadership has long benefitted from a system of corruption, where top officials enrich themselves and their families while the average citizen struggles with economic instability, including a rapidly declining real estate market.
This legislation shines a spotlight on the hypocrisy of China's leaders, many of whom have stashed billions abroad while their country grapples with mounting economic challenges.
In Taipei, Taiwan's Foreign Minister Lin Chia-lung praised the US Congress for its innovative approach to deterring Chinese military aggression. Lin emphasized that this legislation could play a key role in maintaining peace and stability in the region.
The passing of the Taiwan Conflict Deterrence Act not only underscores Washington's commitment to defending Taiwan but also exposes the depths of corruption within China's ruling elite. Beijing's aggressive posturing towards Taiwan may now come at a greater personal cost to the very officials who enable it, the CNA report added.