Taiwan plans to increase defense budget to a record $31 billion

Taiwan's Cabinet will propose an annual increase in defense spending of 16% by 2027, as a result of which the island's defense budget will exceed $31 billion for the first time.

As Report informs, citing Reuters and a statement by the Central News Agency, the draft budget, exceeding 3% of GDP, will be officially presented on August 20. The allocated funds will be used to finance the coast guard, support veterans, as well as special projects in the security sphere, including the development of domestically produced submarines.

Taipei's strengthening of its armed forces is taking place against the backdrop of regular Chinese military exercises around the island and the growth of China's military budget, which increased by 7% in March and reached $283.08 billion. The Taiwanese authorities' intentions to boost defense spending are also supported by the US.