Taiwan’s 2023 Fiscal Defense Budget Hits a New High

According to reports on August 25th, in the face of the increasingly challenging stands from the Chinese Communist Party (CCP) in the Asia-Pacific region and intensive cross-strait relations, Taiwan has proposed a record T$586.3 billion ($19.41 billion) for its defense budget in the new fiscal year starting next January.

 The national defense budget approved by Executive Yuan is increasing by 14% compared with this year, to about 70 billion yuan, a historical record high. If it is passed in parliament, this would be the most significant percentage increase in military spending since President Tsai Ing-wen first took office in May 2016. The CCP had been increasing military pressure on Taiwan when it introduced the proposed budget.

 A visit to Taiwan by U.S. House Speaker Nancy Pelosi earlier this month especially triggered large-scale, live-fire military exercises by the Communist regime around the island. Last month, Former U.S. Defense Secretary Mark Esper urged Taiwan to hike defense spending to a level comparable to the United States, about 3.2% of the annual GDP, to send a powerful message that Taiwan’s commitment is serious.Tsai promised as early as October 2017 to increase future military expenditure by 2% each year after the U.S. government called on the administration to invest more in the island’s self-defense.

 As the experts analyzed, instead of engaging in an arms race with Communist China, the Tsai administration adopted a new approach to the concept of holistic defense. The asymmetric strategy aims to maximize Taiwan’s defensive advantages and focus on the greatest threats; while providing enough time for a third party to intervene.

Aussie Brief News
Aussie Brief News

Go to First Page and Get the Latest News.

Translator: NFSC News
Design&editor: HBamboo(昆仑竹)

Leave a Reply

Your email address will not be published. Required fields are marked *