The 1992 Consensus refers to the outcome of a high-profile meeting between officials from Mainland China and Taiwan. The consensus means that both sides agree that there is only "one China," and both Mainland China and Taiwan are a part of it. But the two sides differ on what the "one China" means. Taipei says it means the Republic of China on Taiwan, while Beijing says it means the People's Republic of China.
Republic of China President Ma Ying-jeou has said the 1992 Consensus is the foundation for Taiwan's interactions with Mainland China. Ma said the 15 economic and other agreements between the two sides are only possible because of the consensus. Most notably, those agreements include direct charter flights between Taiwan and Mainland China and the Economic Cooperation Framework Agreement (ECFA).
In August 2011, presidential candidate and Democratic Progressive Party head Tsai Ing-wen questioned the existence of the 1992 Consensus. She said regardless of whether it exists, cross-strait ties are much more involved now than they were in 1992. She said the two sides should find a new foundation upon which to establish ties.
In response, President Ma and members the incumbent Kuomintang criticized Tsai's platform. They said that since the 1992 Consensus is the basis for cross-strait relations, agreements like the ECFA would not be possible if it did not exist. Meanwhile, Beijing warned that doing away with the 1992 Consensus would cause cross-strait interaction to grind to a halt.