00:00President Lai Ching-de says Taiwan needs to spend more on its defenses, and it needs to do it now.
00:06President Lai was speaking at the New York Times Dealbook Summit remotely,
00:10telling host Andrew Ross Sorkin that China's military is getting ready to take Taiwan by force by 2027.
00:16That's why he's pushing a special 40 billion U.S. dollar defense budget
00:20to boost military spending over the next several years, a record amount.
00:25And the president says it's the only way to achieve peace.
00:27We believe that peace is priceless, and war has no winners.
00:33While we aspire to peace, we cannot harbor illusions about it.
00:36Peace must be secured through strength.
00:40This comes after opposition lawmakers blocked Lai's defense budget bill from being reviewed.
00:44Still, he seems upbeat about the bill's prospects.
00:48Lai also sent a message to Beijing, urging Chinese President Xi Jinping to focus on his own country's
00:54problems instead of trying to take over Taiwan.
00:57Taiwan's growth rate this year is projected to reach 7.37 percent,
01:02while international financial institutions estimate China's growth to be only a little above 4 percent.
01:09We sincerely hope that as China faces economic pressures,
01:14President Xi Jinping will focus not on territorial expansion,
01:18but on improving the well-being of the Chinese people.
01:21This all comes as the U.S. and China seek to resolve trade tensions,
01:26something that's raised fears that Taiwan could be on the negotiating table.
01:30Washington is Taipei's biggest security backer,
01:32and increased defense spending would also benefit America.
01:35But at the Dealbook Summit, U.S. Treasury Secretary Scott Besant wouldn't say whether the U.S.
01:40would help Taiwan if war broke out.
01:42Taiwan's military is not its only source of strength.
01:45The country is set to see its biggest economic growth in 15 years,
01:49largely due to its tech dominance.
01:51And Taiwan's leaders are hopeful that its key position in the global chip supply chain
01:55will help bolster its defenses against China.
01:58Scott Huang and Tiffany Wong in Taipei for Taiwan Plus.
02:01Scott Huang and Tiffany Wong in Taipei for Taiwan Plus.
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