Despite the significance of the Taiwan issue to US-China relations as well as regional stability in the Asia-Pacific, one could hardly find a comprehensive and thorough study of China's Taiwan policy. This book aims to make up for the deficit by providing a systematic and in-depth analysis of the evolution of China's Taiwan policy over the past six decades, against the backdrop of a three-player game involving Beijing, Washington and Taipei. The intention is to show that despite Beijing's uncompromising adherence to the One-China principle, China's leaders have maintained remarkable flexibility in interpreting and implementing it. Moreover, while domestic factors (e.g., nationalistic sentiment, political stability, and economic development) do affect Beijing's calculus, China's Taiwan policy invariably accords with the ups and downs in its international environment, especially the complexities of the US-China relations.