Don't underestimate the size of the Taiwan problem. As with the two other divided Asian nations -- Korea and Vietnam -- past U.S. policies mean there is every chance of eventual escalation into full-scale hostilities.
By any normal standard, Taiwan should be part of China. Before Japan's forceful colonization in 1895, Taiwan had been ruled by China. The so-called Taiwanese dialect used by the majority of the population is in fact the Fukien dialect of mainland China.
For over 40 years the entire population has also been educated in mainland Chinese culture and language. In the streets of Taipei, even the touts speak better Mandarin Chinese -- the north Chinese dialect now standard throughout China -- than you will hear in most of mainland China. Taiwan is much more "Chinese" than Hong Kong. For much of the past half century its government has been insisting that it is indeed part of China.