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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 690.270.0%4:00 PM EST

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To: HairBall who wrote (43515)3/18/2000 6:44:00 AM
From: Haim R. Branisteanu  Read Replies (2) of 99985
 
Filed at 5:54 a.m. EST

By The Associated Press

TAIPEI, Taiwan (AP) -- Defying China's threats of war,
Taiwanese voters ended half a century of Nationalist Party
rule today and elected opposition leader Chen Shui-bian to
the presidency, his party said.

With 85 percent of the vote in, it appeared clear that Chen,
of the Democratic Progressive Party, had trounced
Nationalist Vice President Lien Chan and populist
independent James Soong.

Chen had 41 percent of the votes counted, with Soong
trailing at 36 percent and Lien getting 23 percent.

DPP lawmaker Yeh Chu-lan claimed victory before tens of
thousands of supporters at Chen's campaign office.

Thousands of Chen's supporters celebrated with blaring air
horns, fireworks and deafening cheers as the results flashed
on a huge TV screen set up on a blocked-off street in front
of his Taipei campaign office.

You Ying-lung, a DPP campaign strategist, told the crowd
that Taiwanese had ``a great, unprecedented victory.'

``We have realized our forefathers' dreams for democracy,'
he said. ``Taiwan shall have its first peaceful transfer of
power.'

Chen is a former Taipei mayor who lost that office to a
Nationalist challenger in late 1998. He is untested in the
international arena, where he will face growing pressure to
negotiate with China. A civil war split the two sides in 1949,
and Beijing has repeatedly threatened to resort to force to
bring reunification.

Beijing leaders distrust Chen because they believe he will
declare Taiwanese independence -- a move China says will
bring war. Last week, an angry Chinese Premier Zhu Rongji
tried to warn voters away from Chen in a Beijing news
conference televised in Taipei.

``We were not intimidated by Zhu Rongji,' said You.
``Taiwanese do not bend under threats.'

Today, Chen reaffirmed his desire to lead a delegation to
China before taking office -- and not to stir up any conflict.

``I want to reduce the tensions and conflict that are the result
of misunderstandings between the two sides,' Chen said
after voting at a Taipei elementary school.

Chen said better relations with China would be a priority and
if Beijing refused to meet him in China, he would be willing
to meet in Hong Kong, Singapore, Tokyo, Washington or
any other location.

Lien, the chosen successor of retiring President Lee
Teng-hui, had promised voters he would continue Taiwan's
political reforms, fight corruption and maintain security.

Soong, a former Taiwan provincial governor, had argued
that Taiwan's large political parties no longer serve the
people. He promised to fight corruption and improve
relations with China by signing a 30-year nonaggression pact
with Beijing.

Huang Tsin-lin got up early to vote for Chen before opening
his family laundry business in Taipei. He said it was ``time
for change' and he believes Chen could clean up Taiwan's
corruption without provoking China.

``It's time for the KMT (Nationalists) to go,' Huang said.
``They know nothing except making money. Everything is
about making money.'

In the Taipei suburb of Yungho, Liao Shu-chih, an electronic
spare parts dealer, said the vote was a difficult choice and he
pondered until Friday night about whom to vote for. He
would not say what he decided.

``I don't believe any of the candidates would provoke
China,' Liao said, ``but the decision to use force is China's,
not ours.'
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