Taiwan on Thursday proposed extra defense spending of 240 billion New Taiwan dollars ($8.69 billion) over the next five years, including on new missiles, as it warned of an urgent need to upgrade weapons in the face of a "severe threat" from its giant neighbor China.
Taiwan President Tsai Ing-wen has made modernizing the armed forces — well-armed but dwarfed by China's — and increasing defense spending a priority, especially as Beijing ramps up its military and diplomatic pressure against the island it claims as "sacred" Chinese territory.
The new money, which comes on top of planned military spending of NT$471.7 billion for 2022, will need to be approved by parliament, where Tsai's ruling party has a large majority, meaning its passage should be smooth.