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.

Taiwan's cabinet will propose defence spending of T$949.5 billion ($31.27 billion) for next year, accounting for 3.32% of gross domestic product, the official Central News Agency reported on Thursday.