Taiwan proposes extra $8.7 bln in defence spending over 5 years

Taiwan's government proposed on Thursday spending an extra T$240 billion ($8.69 billion) on defence over the next five years, in addition to the previously announced defence budget, to boost capabilities against a rising military threat from China.

The money is for precision missiles and navy vessels as well as weapons for coast guard vessels, the Defence Ministry said in a statement following a weekly cabinet meeting. ($1 = 27.6330 Taiwan dollars)