The defence ministry has set aside more than 2.26 billion Taiwan dollars (71.75 million US) to manufacture the locally-designed Supersonic Hsiung-feng 3, the United Evening News said.

The defence ministry declined to comment on the report.

Analysts say the Hsiung-feng 3 can be fitted with a variety of guidance systems and can function as a ship-to-ship, land-attack or anti-radar missile.

With a range of at least 130 kilometres (80 miles), the missile has been designed to counter China's Russia-made equivalent, analysts say.

Taiwan showcased the Hsiung-feng 3 in a rare military parade last year seen as a reminder to China that the island has the weapons to defend itself.

Beijing has repeatedly warned of an invasion should Taiwan declare formal independence.

Tensions across the Strait have eased since Taiwan's China-friendly President Ma Ying-jeou took office in May, but he has promised to increase the island's military spending to "display our determination to defend ourself."

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