The island’s ruling party has pushed military buildup, while the opposition has visited the mainland to offer an olive branch

Taiwanese President Lai Ching-te on Friday proposed a nearly $40 billion military buildup amid tensions with Beijing. This came just days after the head of the self-governing island’s main opposition party, the Kuomintang (KMT), traveled to the mainland seeking rapprochement in the first such visit in a decade.

Taiwan became a de facto autonomous territory in 1949, after Chiang Kai-shek’s forces fled there following their loss in the Chinese civil war. Beijing considers the island part of its sovereign territory under…

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