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Taiwan increases military spending

Taiwan wants to increase its defense budget substantially. As the government announced on Thursday, it is to rise by around 14 percent next year to a record value of the equivalent of around €19.5 billion. Since 2017, defense spending on the island claimed by China as its own territory had only grown by less than four percent. The higher budget fully takes into account the “hostile threat” and is equivalent to 2.4 percent of the gross domestic product expected next year, the defense ministry said. About €3.6 billion alone are intended for new fighter jets and other new equipment. The planned defense spending, which must still be approved by parliament, marks the sixth consecutive year of rising defense spending in Taiwan.

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