The "1992 Consensus" or "Consensus of 1992" 九二共識

The "1992 Consensus" or "Consensus of 1992" 九二共識 "Both sides of the Taiwan Strait agree that there is only one China. However, the two sides of the Strait have different opinions as to the meaning of 'one China.' To Peking, 'one China' means the 'People’s Republic of China (PRC),' with Taiwan to become a 'Special Administration Region' after unification. Taipei, on the other hand, considers 'one China' to mean the Republic of China (ROC), founded in 1911 and with de jure sovereignty over all of China. The ROC, however, currently has jurisdiction only over Taiwan, Penghu, Kinmen, and Matsu. Taiwan is part of China, and the Chinese mainland is part of China as well."