The president of Taiwan on Wednesday announced her candidature for the next presidential elections in 2020.

Addressing a press conference in the presidential palace, Tsai Ing-wen, who assumed office in May 2016, also ruled out signing a peace treaty with China.

Only two weeks ago, a radical section of her pro-independence Democratic Progressive Party, which is fundamentally opposed to the treaty, urged the president not to seek a re-election, amid latest surveys that indicate she enjoys only 40 percent of the popular support.

Tsai is the third politician to announce her decision to contest the presidential elections in 2020, after former Taipei mayor Eric Chu and former speaker of the legislature Wang Jin-pyng - both from the opposition Kuomintang party - threw their hats in the ring.

Regarding the signing of a peace treaty with China, the president ruled out the possibility, considering that it would undermine the sovereignty of the island, as Beijing would first demand Taiwan to accept they were a part of China.

Tsai said she believed that the Taiwanese society would never accept any political agreement that destroyed or damaged their national sovereignty and democracy.

China has for sometime sought a peace treaty with the island, regarding which the then Taiwanese president, Ma Ying-jeou, tried to make some headway during his two terms from 2008 to 2016. But he met with stern resistance from the people of Taiwan.

Leader of the opposition Kuomintang party, Wu Den-yih, in a radio interview last week, announced that his party could sign a peace treaty with China if they were voted to power in the 2020 elections.

Following Wu's statement, the government prepared a draft law to ensure that there are two referendums called for the signing of a peace treaty with China - one consultative and another binding.

Both referendums would require the approval of a majority of the people of Taiwan before any step over a possible peace treaty is taken.

Additionally, it will also seek to impose a requirement of support from 75 percent of the parliamentarians to prevent the opposition from going ahead with the peace treaty even if it does come to power in 2020.