Taiwan proposes 14 percent increase in defense spending amid escalating tensions with China

Taiwan authorities on Thursday proposed a 14 percent increase in defense spending in the fiscal budget for 2023 amid escalating tensions with Beijing over its military exercises around the island.

The budget, which would reach $13.2 billion, would also include an additional amount for military equipment purchases such as advanced fighter jets and programs to boost Taiwan’s air and sea combat capabilities, Bloomberg has reported.

The initiative, raised in the face of increased tension on the island due to security challenges in the face of Chinese maneuvers, will now go to Parliament — Legislative Yuan — where it will have to be approved in a session scheduled for next month, according to the ‘Nikkei’ newspaper.

Amid tensions with the Asian giant, several Japanese government officials assured the ‘Yomiuri’ newspaper on Sunday that the authorities are considering acquiring an arsenal of more than 1,000 long-range missiles.

With this move, Tokyo also plans to expand the capacity of its surface-to-ship missiles to reach objects more than 1,000 kilometers away, with the aim of reaching the coastal areas of North Korea and China.