Chinese President Xi Jinping delivered his annual address at the Great Hall of the People on Wednesday, issuing a stronger warning on Taiwan, stating that Beijing must "resolutely combat 'Taiwan independence' separatist forces, oppose interference from external forces," and "advance the great cause of national reunification." The rhetoric was notably tougher compared to last year's speech. Allan von Mehren, China economist at Danske Bank, noted that the market had anticipated Xi's move, but this was the first time seeing him act on it. Previously, the Donald Trump administration had suspended $14 billion in arms sales to Taiwan in May.