Taiwan cabinet approves record US$35.1 bil defence budget for 2027

Miaojung Lin / Bloomberg08-20

Taiwan's cabinet has approved a record NT$1.12 trillion (US$35.1 billion) defence budget for next year, accounting for 3.01% of the gross domestic product.(Aug 20): Taiwan's cabinet approved a record ...

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Taiwan President Lai Ching-te had earlier set a target of spending 3% of GDP on defence.\nPart of the money is included in a NT$3.93 trillion central government budget the cabinet also approved. Other funds will come from special budgets. \nSince taking office in spring 2024, Lai has made stepping up military spending and preparation a focus of his policymaking. It comes after President Donald Trump questioned the democracy's commitment to protecting itself from China, which sees Taiwan as part of its territory that must be brought under its control by force if needed.\nTaipei rejects Beijing's view, and condemns China for stepping up military and coast guard activity around Taiwan in recent years. \nThe cabinet also approved a plan to give each person NT$10,000, a move Lai has said would let individuals benefit from the artificial intelligence boom that has sent the economy soaring. An official said the handouts would add 0.35 percentage points to estimated GDP growth next year.\nThe spending plans must be approved by the opposition-controlled legislature, a process that is likely to be difficult. Taiwan finally passed its central government budget for 2026 last week, ending the longest delay in nearly three decades.\nCampaigning for local elections set for Nov 28 could also complicate the process of passing the budget. \nUploaded by Felyx Teoh","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.48.0","shortVersion":"4.48.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2661237879","isCrawlerRequest":true}