Jan 14th 2012, 18:09 by J.M. | TAIPEI
CHINA and America can breathe a sigh of relief. A closely fought presidential election in Taiwan has delivered a second four-year term to the China-friendly incumbent, Ma Ying-jeou. China had feared that his opponent, Tsai Ing-wen, would try to steer the island closer to formal independence. America professed neutrality, but clearly did not want to see tensions rise in the Taiwan Strait. To officials in Washington as well as Beijing, Mr Ma looked the less likely of the two to stir up trouble.
