Reports Say Beijing Attacking Taiwan Could Lead to ‘Far-Reaching Economic Consequences’ – Economics Bitcoin News

While the global economy remains gloomy and the war in Ukraine continues, there’s been significant tension between China and Taiwan. The American representative from California, Nancy Pelosi, plans to visit Taiwan this week and White House officials say China is preparing to carry out “military provocations.” Moreover, during the last few weeks, reports note that the global economy could crater if there’s a Chinese military attack on Taiwan.

Nancy Pelosi Is Visiting Taiwanese President Tsai Ing-wen This Week Despite Taiwan’s Tensions With China

Sources have explained to Reuters that California representative Nancy Pelosi is expected to be visiting Taiwan on August 2, 2022. CNN also confirmed that Pelosi was going to visit Taiwan, even though there’s a risk of provoking China. While the country is governed independently of mainland China, Beijing has always considered Taiwan part of the Chinese territory. Taiwanese president Tsai Ing-wen and the Democratic Progressive Party, however, favor Taiwan’s independent government that’s been operating independently since 1949.

In more recent times, tensions have grown sour between China and the island separated from continental Asia by the Taiwan Strait. China’s Xi Jinping classifies Taiwan the same way China classifies Hong Kong, with the “one country, two systems” formula. Tsai Ing-wen, the Democratic Progressive Party, and Kuomintang (KMT) reject the People’s Republic of China’s (PRC) concept often called the ‘One China’ rule. According to a Financial Times (FT) report, Pelosi is expected to discuss matters with the Taiwanese president on Wednesday.

NOW – China’s People’s Liberation Army just posted a new video on WeChat ahead of Pelosi’s potential visit to Taiwan.pic.twitter.com/QaiFcdGCn1

— Disclose.tv (@disclosetv) August 1, 2022

Pelosi’s visit has stirred a lot of discussions concerning China using its military to show force in the Taiwan Strait. An ABC report notes that the White House has warned of China carrying out “military provocations” against Taiwan during the visit. The strategic coordinator for the U.S. National Security Council, John Kirby, told the press “[America], and countries around the world, believe escalation serves no one.”

“China appears to be…