Taiwan plans record military spending amid China security fears

Taiwan on Thursday earmarked a record annual NT$586 billion (US$19.4 billion) for its defense budget in the new fiscal year starting in January, amid China's growing assertiveness in the Asia-Pacific region and heightened cross-strait tensions.The Executive Yuan, or Cabinet, approved a general budget of NT$2.71 trillion for fiscal 2023, a 20 percent increase from a year earlier. Of that amount, NT$586.3 billion has been requested by the Defense Ministry, up about 14 percent, or NT$70 billion, from the current year.The proposed budget comes as China has been ramping up military pressure on T…READ FULL ARTICLE