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THE BOEING COMPANY

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Boeing : China vows retaliation if US proceeds with Taiwan arms sale

10/23/2020 | 06:10pm EST

BEIJINGChina has vowed to retaliate if the U.S. proceeds with the sale of advanced weaponry to Taiwan worth more than a billion dollars.

The statement from China’s defence ministry gave no specifics, but the development marks a further deterioration in ties between Beijing and Washington that have hit their lowest ebb in decades.

The statement issued late Thursday night demanded the cancellation of the sale and an end to all interactions between the U.S. and Taiwanese militaries in order to “avoid serious repercussions for relations between China and the U.S. and their armed forces and peace and stability in the Taiwan Strait.”

Failure to do so would “compel the Chinese side to fight back resolutely,” the statement said.

The State Department on Wednesday announced it had greenlighted the sale of 135 precision land attack missiles, associated equipment and training to Taiwan to improve its defence capabilities. The package is worth just over a billion dollars, it said in a statement. The missiles are made by Boeing.

China regards Taiwan as its own territory to be annexed by force if necessary and Washington maintains only unofficial relations with Taipei in deference to Beijing. However, U.S. law requires the government to ensure Taiwan can maintain a credible defence and recent years have seen an increase in both the quality and quantity of defensive arms sold to the island.

Those come as China has increased military activity around Taiwan in what it calls a deliberate attempt to force political concessions from the pro-independence administration of President Tsai Ing-wen. The increase in Chinese incursions into Taiwanese airspace and military exercises seen as targeting U.S. and Taiwanese assets add to Beijing's years-long campaign of exerting economic and diplomatic pressure on the island, which has left it with just 15 formal diplomatic allies.

In a separate statement issued late Thursday, the Chinese Cabinet's Taiwan Affairs Office demanded Tsai's Democratic People's Party end its “plotting" with the U.S. to “refuse unification through arms."

“This can only seriously undermine peace and stability in the Taiwan Strait and bring down a terrible disaster on the Taiwanese people," the statement said.

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (USD)
Sales 2020 59 100 M - -
Net income 2020 -4 084 M - -
Net Debt 2020 39 375 M - -
P/E ratio 2020 -29,9x
Yield 2020 0,47%
Capitalization 120 B 120 B -
EV / Sales 2020 2,70x
EV / Sales 2021 2,05x
Nbr of Employees 161 100
Free-Float 55,7%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 212,05 $
Last Close Price 213,01 $
Spread / Highest target 43,7%
Spread / Average Target -0,45%
Spread / Lowest Target -41,3%
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Managers
NameTitle
David L. Calhoun President, Chief Executive Officer & Director
Lawrence W. Kellner Non-Executive Chairman
Jenette E. Ramos Senior Vice President-Supply Chain & Operations
Gregory D. Smith CFO & Executive VP-Enterprise Operations
Theodore Colbert Executive Vice President
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