Cabinet to Submit 2024 Budget to Legislature by End of August, Includes Defense Expansion

The cabinet is expected to finalize the 2023 central government budget in August, with several key measures to address Taiwan's aging and declining population. According to sources, the budget will include provisions for the "New Strategy for Addressing Taiwan's Aging and Declining Population," aimed at adjusting to changes in population structure and social welfare demands. It will also consider how to attract foreign talent and promote industry development.

The budget is expected to include measures to address population aging and decline, including increased spending on elderly welfare and support for young people's education and employment, said sources. These measures will be part of the overall budget and will be submitted to the Legislative Yuan for review in late August.

In addition to the population strategy, President Lai Ching-te has repeatedly emphasized the goal of increasing national defense spending to over 3% of GDP. This goal aims to enhance Taiwan's defense capabilities and ensure Taiwan can compete with mainland China and other major powers. The increase in defense spending has raised concerns about its impact on Taiwan's economy and society.

Sources said that the increase in defense spending will be a gradual process, taking into account Taiwan's economic and social capacity. The cabinet will also closely monitor the implementation of defense spending and ensure effective resource allocation. Sources emphasized that this measure is a necessary investment for Taiwan's security and development.

In the context of increased defense spending, the cabinet will also focus on industry development and talent attraction. Sources said that the government will provide more resources to support the development of the defense industry and encourage foreign talent to invest and start businesses in Taiwan. The cabinet will also promote education and employment policies to attract young people to join the defense industry and related fields.

In summary, the 2023 central government budget will be submitted to the Legislative Yuan for review in late August. The cabinet will include provisions for the "New Strategy for Addressing Taiwan's Aging and Declining Population," and President Lai Ching-te's defense spending goal will impact the budget's scale and content. Sources emphasized that these measures are necessary investments for Taiwan's security and development.