Taiwan to Boost Next Year's Defense Budget by 13.9% Amid Pressure from China
[Asia Economy Reporter Kim Daehyun] Taiwan approved the 2023 budget on the 25th, which includes a 13.9% increase in next year's defense budget compared to this year.
According to foreign media such as Taiwan News, the budget for next year, approved by Taiwan's Executive Yuan, is set at 2.719 trillion New Taiwan Dollars. This is a 20.8% (468 billion New Taiwan Dollars) increase from this year's budget.
In particular, the defense budget increased by 13.9% (71.6 billion New Taiwan Dollars) from this year to 586.3 billion New Taiwan Dollars. Among Taiwan's defense budget for next year, an estimated 108.3 billion New Taiwan Dollars is allocated for fighter jets.
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Taiwan's decision to significantly increase next year's budget by double digits is interpreted as a response to China's high-intensity military pressure. Since Nancy Pelosi, Speaker of the U.S. House of Representatives, recently visited Taiwan, China has been intensifying military pressure daily by conducting large-scale live-fire exercises surrounding the island and launching missiles passing over Taiwan's airspace.
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