CHIAYI, Taiwan—Taiwan has deployed the most advanced version of the F-16 fighter jet in its air force, as the self-ruled island steps up its defense capabilities in the face of continuing threats from the Chinese Communist Party (CCP), which claims it as part of its territory. Taiwan’s President Tsai Ing-wen commissioned into service 64 upgraded F-16V fighter jets at an air force base in Chiayi on Thursday. The aircraft represent part of Taiwan’s total 141 F-16 A/B jets, an older model from the 1990s that will be completely retrofitted by the end of 2023. Tsai said the upgrade project showed the strength of Taiwan’s cooperation with the U.S. defense industry. It comes at a time the island’s status has become a major point of tension in the U.S.-China relationship. Beijing has been stepping up its threat by sending fighter jets in combat formations into Taiwan’s buffer zone southwest of the …