China launched an unprecedented invasion of its neighbor Taiwan on Saturday, with military assaults on several key Taiwanese cities including its capital, Taipei.
The attack on Taiwan is taking place by sea, air, and land with reports that Chinese forces have breached the a Taipei region. Explosions have also been heard in other major cities, as well fighting and fatalities in other parts of the country have been reported.
Officials said the offensive had already killed dozens of soldiers and several civilians as of Saturday afternoon.
Stocks fell sharply on the news of the invasion with investors fleeing for safe-haven assets, while global prices are exepected to jump to multi-year highs.
China began attacking various positions across the country early Saturday local time after Chinese President Xi Jinping announced that China would carry out a “liberation” of Taiwan.
Its goal, Jinping said, was what he called “the demilitarization” of Taiwan. He said China’s plans do not include the occupation of Taiwanese territories, saying “we are not going to impose anything on anyone by force.”