两句话是并列的，互不矛盾。有重叠部分，又各有外延。
（1）Japan shall be stripped of all islands she has seized or occupied in the Pacific since the beginning of World War I in 1914。所有一战以来所占领土，不只是中国的。
（2）All the territories Japan has taken from China such as Manchuria (Dongbei), Formosa (Taiwan), and the Pescadores (Penghu), shall be restored to the Republic of China.
All the territories Japan has taken from China 没有界定从1914年以后。应该包括一战以前的领土。
Such as 不是全部的意思，而只是列举几个例子。