Yes, and other than the Vatican, so is the rest of the world. In fact, it is official US policy to work toward a reunion between Taipei and Beijing.
It's a gutless policy of appeasement, and a way to allow Communist China to save face.
Taiwan is a free nation, that's a fact.
We don't want another Asian war, especially with Communist China.
Where would we get all of our slave labor?
A war with Communist China could collapse our economy.
So we're between a rock and a hard place.
We could turn tail and run like with Vietnam, and let the Commies overrun Taiwan,
but that would embolden North Korea, scare the crap out of Japan, etc.