Taiwan to increase military spending to record high

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

"Taiwan must continue to strengthen its self-defense capabilities and demonstrate its determination to defend itself to ensure its security and interests, and seek more international support," Tsai stressed.

Tsai was briefed by Executive Yuan President Chen Chien-jen on the 2024 budget proposal, which will be announced on August 24 and then submitted to Taiwan's Legislative Yuan for approval.

Sailors from a Taiwanese frigate monitor a Chinese frigate at an undisclosed location, in this photo provided by Taiwan's Coast Guard on August 20.

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

The Chinese military conducted large-scale exercises in August 2022 after then-US House Speaker Nancy Pelosi visited Taiwan, and made similar moves after Tsai met with current US House Speaker Kevin McCarthy in California in April.

Most recently, China staged new military exercises around Taiwan on August 19, a day after Tsai’s deputy, Lai Ching-te, a leading candidate in next year’s Taiwan presidential 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 new drills, according to AFP.

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