The 1992 Consensus refers to the outcome of a high-profile 1992 meeting between officials from China and Taiwan. Under the consensus, both sides agree that there is only "one China," and both China and Taiwan are a part of it. But the two sides are allowed to hold different interpretations of what "one China" means. Taipei holds that “one China” means the Republic of China on Taiwan, while Beijing says it means the People's Republic of China.
During the first-ever meeting between leaders from both sides of the Taiwan Strait, President Ma Ying-jeou said that the 1992 Consensus is the foundation for Taiwan's interactions with Mainland China. Ma said the 23 economic and other agreements the two sides have concluded over the past few years have only been possible because of the consensus. Chinese leader Xi Jinping also said that Taiwan and China should strengthen their “common political basis” by insisting on the “1992 Consensus.”
Earlier this week, Taiwan’s top China-policy maker, Andrew Hsia, said that the “1992 Consensus” does not involve "two Chinas", "one China and one Taiwan", or "Taiwan independence". Hsia said that none of these ideas are permissible under the Republic of China’s constitution. Hsia also said that this position is clear and enjoys the acceptance of the majority of Taiwan’s people.
Ma Ying-jeou has been criticized for discussing the 1992 Consensus in front of the media on Saturday without mentioning that both sides continue to hold separate interpretations of "One China". However, Hsia said that this criticism is unfair, because serious issues such as the way each side interprets "One China" should be left for private discussions.
The opposition DPP’s position on the consensus has not been as consistent. DPP presidential candidate Tsai Ing-wen has questioned the existence of the 1992 Consensus. In August 2011, she said that regardless of whether it exists, cross-strait ties are much more involved now than they were in 1992. She said that Taiwan and Mainland China should find a new foundation upon which to establish ties.
However, when Tsai was MAC Minister under the DPP government in 2000, she told lawmakers that the “1992 Consensus” refers to “one China, two interpretations” and that one China refers to the Republic of China on Taiwan.