Relations across the Taiwan Strait have experienced several cycles over the last 60 years. Tension and crisis seem to come and go, followed by periods of peace and stability. What explains the cyclical pattern of change and stability? How can we explain the sources of change and stability in the relationship? This article examines the last 60 years of cross-Strait relations in light of an interpretative framework of 'punctuated equilibrium'. Cross-Strait relations are complex, consisting of actors at the domestic, cross-Strait, and international levels. With a high degree of economic interaction, the cross-Strait relationship can be characterized as economic integration cum political impasse. This article analyzes the cyclical changes through three causal factors: (a) the role of issue cycles in cross-Strait relations; (b) the impulsive drivers for change; and (c) the structural constraints dampening change.