TAIPEI, Aug. 6 -- Taiwan's People First Party (PFP) Chairman James Soong Chu-yu said Thursday that he will run for the Taiwan leader.

Previously, the Democratic Progress Party (DPP) Chairwoman Tsai Ing-wen, Hung Hsiu-chu of the ruling Kuomintang (KMT) Party, former DPP Chairman Shih Ming-teh and former DPP member and legislator Hsu Jung-shu announced they would run for the office in the election to be held on Jan. 16, 2016.

Reading from a statement, Soong promised to "build a framework for the sustainable and peaceful development across the Taiwan Strait," saying a peaceful and stable relationship between Taiwan and the mainland conforms to the common interests of both sides, the Asian-Pacific region and the world.

He said people living on both sides of the Strait should deepen communication and enhance mutual trust.

Soong was born in the mainland's Hunan Province in 1942 and went to Taiwan with his parents in 1949. In 1999, Soong gave up his KMT membership and ran an unsuccessful bid in 2000 as an independent. He later founded the PFP and has since served as the party chairman.

Soong joined the 2004 bid as the running mate of then-KMT Chairman Lien Chan, but lost the election to incumbent Chen Shui-bian. Soong lost the 2012 election again.