Taiwan's defense budget will hit new record next year, president says

TAIPEI (Reuters) -- Taiwan's total defense budget is set to reach a new high of NT$647 billion ($19.74 billion) next year as the island seeks to boost defensive self-reliance and cooperation with democratic partners, President Lai Ching-te said on Tuesday.

China, which views democratically governed Taiwan as its own territory, has ramped up military and political pressure over the past few years to assert those claims, which Taipei strongly rejects.