Taiwan plans to boost defence spending by a fifth next year, surpassing 3% of gross domestic product, as it invests billions more in new equipment to better face down China and convince the United States it takes seriously calls to bolster its military.

TAIPEI (Reuters) -Taiwan President Lai Ching-te said on Friday he hoped defence spending would reach 5% of gross domestic product before 2030, upping a target of bolstering the island's military budget that Washington has pushed for.

Taiwan’s President Lai Ching-te said military spending is expected to reach 5% of GDP by 2030, underscoring his government’s commitment to self-defense to protect the island from China.