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According to Taiwan's Defense Ministry, around 150 People's Liberation Army Air Force (PLAAF) fighter jets, bombers, anti-submarine aircraft and others have entered Taiwan's Air Defense Identification Zone (ADIZ), forcing the island to scramble its jets. The intimidation by China is very much along the lines of commentaries in its media that say that it should further increase its sorties as Taiwan was "its territory." (https://www.forbes.com/sites/davidaxe/2021/10/04/possible-war-looms-as-the-chinese-air-force-sends-another-56-warplanes-toward-taiwan/?sh=266013d358e4)
Taiwan's foreign minister, Joseph Wu, has warned that the war is looming and that his country is preparing to face invasion. He has said that there were few diplomatic options, as Chinese President Xi Jinping has said that he could go to war if necessary to bring Taiwan under China's control. In an interview with ABC Australia, Joseph Wu said, "We are very concerned that China is going to launch a war against Taiwan at some point," he said. (https://www.abc.net.au/news/2021-10-05/taiwan-foreign-minister-warn-war-china-global-geopolitical-order/100511960)
While China provocations have increased in recent weeks, the PLA had warned "splittists" in June itself to "prepare for war" through its propaganda posters and videos on display all over the Chinese social media. (https://www.newsweek.com/prepare-war-china-military-warns-new-propaganda-poster-taiwan-1599354)
Some analysts say that the recent defense alliance between Australia, UK and the US (AUKUS) that includes the sale of nuclear submarines to Canberra, may be one of the reasons for these aggressive moves. China may want to assert itself in the region and also invade Taiwan before AUKUS takes shape and becomes stronger. (https://theweek.com/world/1005622/what-is-china-doing-over-taiwan)
Although the Australian government has warned China against "the threat or use of force" China is unlikely to heed to these warnings and continue its air incursions.
China has also been conducting war games in the Taiwan Strait, including amphibious beach landings, rockets, and other exercises.
China has claimed sovereignty over Taiwan since the 1940s, when the 'Nationalists' fearing the Communists fled to the island 160 kilometers away. China claims that Taiwan is a breakaway state and will unify one day, and it acts virulently against any country that recognises Taiwan as a separate country.
Read more:
5 things to know about China's surge in warplanes over Taiwan:
https://edition.cnn.com/2021/10/05/asia/china-taiwan-warplane-incursions-analysis-intl-hnk-ml/index.html
Australia warns China against violating Taiwan's airspace:
https://www.theguardian.com/australia-news/2021/oct/05/australia-warns-china-against-threat-or-use-of-force-following-taiwan-air-incursions