Taiwan to increase military spending to record high

Taiwanese leader Tsai Ing-wen said in a statement that military spending "is expected to reach 2.5% of GDP." AFP, citing official data, reported that the proposed spending would be a 3.5% increase from the 2023 figure of 586.3 billion New Taiwan dollars.

"Taiwan must continue to strengthen its self-defense capabilities and demonstrate its resolve to defend itself to ensure its security and interests, while also seeking further international support," President Tsai emphasized.

President Tsai Ing-wen received a briefing from Taiwan's Executive Yuan President Chen Chien-jen on the proposed 2024 budget. The proposal will be released on August 24th and subsequently submitted to Taiwan's Legislative Yuan for approval.

Sailors from a Taiwanese frigate monitor a Chinese frigate at an undisclosed location, in a photo provided by Taiwan's maritime defense force on August 20.

China has increased political and economic pressure on Taiwan since Tsai Ing-wen took office in 2016.

The Chinese military conducted large-scale exercises in August 2022 following then-Speaker of the US House of Representatives Nancy Pelosi's visit to Taiwan, and made similar moves after President Tsai met with current Speaker of the US House Kevin McCarthy in California in April.

Most recently, China conducted new military exercises around Taiwan on August 19, a day after Tsai Ing-wen's vice president, Lai Ching-te, who is also a leading candidate in next year's Taiwanese leadership election, returned from a visit to Paraguay with two stops in the United States.

Taiwan's defense ministry confirmed that 45 Chinese fighter jets flew into Taiwan's air defense identification zone during a recent military exercise, according to AFP.

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