TAIPEI (TVBS News) — President Tsai Ing-wen on Tuesday (Dec. 19) thanked the lawmakers across the political spectrum for passing the central government's record-high budget for 2024, which is also the last one during her tenure.
Tsai stated that the government has consistently raised salaries, cut taxes, and increased welfare while also repaying a substantial amount of debt over the past seven years. The administration has been devoted to achieving fiscal discipline and national construction.
The president highlighted that in the upcoming year's budget, social welfare expenditures are at their highest. The overall budget for long-term care has grown significantly from NT＄5.4 billion in 2016 to NT＄64.7 billion this year, and will further surge beyond NT＄80 billion next year.
Education, science, and culture spending follow closely, and President Tsai underscored efforts to implement educational equity. A plan proposed by Vice President Lai Ching-te to reduce private university tuition fees by NT＄35,000 per year is already incorporated into next year's budget.
Tsai remarked that the government continues to strengthen its self-defense capabilities with the next year's national defense budget, including various funds and special projects, slated to reach a historic high of NT＄600.7 billion.
Tsai emphasized the global consensus on achieving 'net-zero emissions by 2050,' noting that Taiwan is actively working towards this goal. The budget for net-zero transition will grow by about 45% compared to this year, totaling nearly NT＄100 billion.
Since taking office, Tsai's administration has repaid a total of NT＄796 billion in debt. An amount of NT＄115 billion is allocated for debt repayment next year, marking a 23-year high.
Furthermore, Tsai indicated that the central government's long-term debt ratio has dropped from 33.3% in May 2016 to 27.2% at the end of November this year.
Under Tsai's leadership, Taiwan's overall economic scale has continued to grow, with GDP rising from NT＄17.5 trillion when she first took office to an expected total of over NT＄23 trillion this year.