Beijing’s economic playbook for Taiwan: big carrots and small sticks
Beijing’s approach to economic coercion against Taiwan is less about brute force and more about baiting. While China has long threatened economic punishment to deter what it sees as separatist behaviour, the past several years have shown a clear pattern: big carrots, but small sticks.
That restraint is not out of goodwill; it results from strategic caution and self-interest. Beijing knows that going too far with economic punishment risks driving Taiwan—and the world—further away. So instead, it relies on targeted trade bans, travel curbs and well-timed financial incentives, aiming to shift sentiment in Taiwan without triggering blowback.
Nowhere is this more evident than in the cross-strait trade relationship. For much of the past decade, China has been Taiwan’s largest trading partner, fuelled by Taiwanese exports of semiconductors, electronics and machinery. Taiwan’s economy is tightly linked to China’s, with around 35 percent of its exports and 20 percent of its imports tied to China and Hong Kong. While Beijing could disrupt Taiwan’s economy, it would pay a steep price: China depends heavily on Taiwanese semiconductors and components, especially chips from TSMC, the world’s most advanced manufacturer.
China’s use of trade bans and incentives has often been surgically targeted at politically sensitive constituencies, especially rural districts with high concentrations of fruit and fish farmers known to lean toward Taiwan’s Democratic Progressive Party (DPP). Academic studies from the mid-2000s show that Beijing offered trade perks to these groups to bolster Kuomintang (KMT) support, a tactic that has since evolved into punitive bans aimed at eroding trust in Taiwan’s DPP government.
When Beijing banned importation of Taiwanese pineapples in 2021—a trade worth around US$54 million, or just 0.015 percent of Taiwan’s GDP—Taipei quickly found new markets. Similar bans after US speaker Nancy Pelosi’s 2022 visit to Taiwan on items including beer, wax apples and fish targeted politically sensitive sectors but had limited economic impact. Agriculture accounts for only 1.7 percent of Taiwan’s GDP, and exports to China have been steadily declining. As shown in the graph below China imposed trade restrictions on 169 Taiwanese export items in 2024, primarily by revoking their tariff-free status. The sole exception was polycarbonate, which was targeted with anti-dumping tariffs. In contrast to the weight of its economic carrots, Beijing’s sticks are deliberately small, sending a message without hurting itself.

Beijing does offer carrots, especially to Taiwanese businesses willing to operate from the mainland. Chinese authorities rolled out incentive packages, including subsidies and access to local markets, urging Taiwanese producers to move operations to provinces such as Fujian. The pitch: abandon Taiwan’s ‘separatist’ politics and prosper under Beijing’s wing.
Tourism followed a similar pattern. At its peak in 2015, more than 4 million mainland Chinese tourists visited Taiwan, 40 percent of all foreign visitors to the island. But after the DPP took office in 2016, China began throttling tourist flows, first by reducing group tours, then by banning solo travel. The move hurt Taiwan’s hospitality industry but didn’t break it. Taipei responded by courting tourists from Japan, Southeast Asia and beyond.
Investment has also been part of Beijing’s coercion calculus. Over the past five years, it has encouraged Taiwanese firms to expand on the mainland with promises of equal treatment, favourable regulations and access to Chinese capital markets. But Taiwan has grown wary. The government strictly limits inbound Chinese investment, particularly in sensitive sectors like technology and infrastructure, and many Taiwanese firms have started pivoting to Southeast Asia or back home. The US–China trade war and rising cross-strait tensions have made reliance on China look like a risk, not an asset.
Even in the most strategically sensitive area, semiconductors, China has avoided provocation. It continues to buy massive volumes of chips from Taiwan, knowing full well it cannot replace them in the near term. Rather than restrict trade, Beijing has focused on poaching Taiwanese engineers and luring firms into joint ventures on the mainland. It’s a long game, designed to hollow out Taiwan’s tech edge without setting off a direct confrontation.
Has any of this worked? Not really. Beijing’s economic coercion may have inflicted pain in places, but it hasn’t shifted the island’s political compass. In 2024, voters elected as president the DPP’s Lai Ching-te, a staunch defender of Taiwan’s sovereignty, rejecting Beijing’s warnings. Meanwhile, Taiwan’s government is investing heavily in resilience—diversifying exports, securing new markets for farm goods and proposing a ‘non-red supply chain’ to reduce dependence on China, particularly in the global semiconductor sector.
Beijing likely knows that full-blown economic warfare—banning all trade, blacklisting major companies or launching a blockade—would backfire. Not only would it devastate Chinese manufacturers and alienate global partners, but it could also trigger international backlash and harden Taiwanese resistance.
For now, Beijing seems content to use economic coercion to coax, not crush. Yet there’s a paradox at the heart of this strategy. The more Beijing leans on economic enticements, the more it exposes its own reliance on Taiwan—especially in tech. And the more it uses selective punishment, the more Taiwan adapts and diversifies.

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