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Along with the Philippines, Malaysia, Vietnam, Brunei and Taiwan also hold competing claims.
Taiwan should unilaterally give up its claims. It claims the same nonsensical nine-dashed line that the PRC does, originating from an asshole move dating to the 1940s. This plays into Beijing’s talking points about the historical legitimacy of its claims, and puts Taiwan at odds with a bunch of southeast asian countries that ought to be its natural allies against PRC bullying. And face it, Taiwan is realistically not going to be in a position to seize the territory anyway.