Taiwan election; Wang Yi on the Red Sea; Li does Davos; Baidu buying opportunity?
Summary of today’s Essential Eight:
Taiwan election - William Lai of the DPP won the election with 40% of the vote, not far from what the final polls suggested. The DPP lost the majority in parliament and now has 51 seats to the KMT’s 52, and the TPP’s 8, so governing for Lai and the DPP will not be easy. From the PRC’s perspective that may be the best, realistic outcome they could have hoped for. So far the PRC reaction has been relatively muted, but it is too early to assume there is not more coming. Officials have expressed anger at any countries and politicians congratulating Lai for his win and Taiwan for its successful elections, and arranged with Nauru 瑙鲁 to announce today that the country is switching recognition from Taiwan to the PRC. This is not the first time this Pacific Island country has played the Taiwan and PRC off each other. It previously switched from Taiwan to the PRC in 2002, then switched back to Taiwan in 2005. On Saturday US President Joe Biden said “we do not …