Taiwanese President Lai Ching-te has announced that his government will propose additional defense spending of $40 billion over several years, as the island attempts to guard against a potential Chinese invasion. “We seek to strengthen deterrence by adding higher costs and uncertainty to Beijing’s decision-making process regarding the use of force,” Lai Ching-te said in an editorial published by US newspaper the Washington Post on Tuesday.
Beijing claims Taiwan and has not ruled out military options to seize it, exerting strong military, economic and diplomatic pressure. Lai Ching-te, leader of the Democratic Progressive Party, earlier on Tuesday had mentioned plans to increase defense spending to more than 3% of GDP by 2026, and 5% by 2030, in response to American demands in this direction.
The spending plans revealed in the Washington Post will be spread over several years, and will exceed plans previously detailed to AFP by a presidential party official, who planned a budget of 1,000 billion new Taiwan dollars (around 27 billion euros).
“This major step will not only significantly finance the acquisition of new weapons from the United States, but will also greatly enhance the capabilities” of Taiwan, Lai Ching-te added in his text.
However, it may be difficult for his government to gain approval from Parliament, as the opposition Kuomintang party, which wants a rapprochement with Beijing, controls the finances of its ally, the People’s Party.
Newly elected Kuomintang President Cheng Li-wun has opposed the Lai camp’s defense spending plans, saying Taiwan “doesn’t have much money.”
