China is set to boost its defense spending by 7.2% in 2024, marking the largest increase in five years. The announcement comes as part of the official government work report released during the country’s annual parliamentary meetings in Beijing.
The military expenditure by the central government is projected to reach 1.67 trillion yuan ($231 billion) in 2024, as reported by Bloomberg News, coinciding with the commencement of the National People’s Congress in Beijing. For comparison, US President Joe Biden signed an annual $886 billion defense bill late last year.
The decision to increase the military budget comes amidst concerns about corruption undermining a military revamp, with several generals from the People’s Liberation Army, including former Defense Minister Li Shangfu, losing their positions in President Xi Jinping’s anti-corruption probe over the past year.
China’s defense budget expansion follows a series of yearly increases, with a 7.2% rise last year, a 7.1% spike in 2022, a 6.8% increase in 2021, a 6.6% climb in 2020, and a 7.5% growth in 2019, according to official data.
Although China’s official military budget ranks second only to the United States globally, some unofficial estimates suggest that Beijing’s actual military spending may exceed official claims.
China’s territorial claims, including over self-governed Taiwan and vast portions of the South China Sea, remain contentious. President Xi Jinping views reunification with Taiwan as a “historical inevitability,” despite a 2016 ruling by The Hague’s Permanent Court of Arbitration invalidating China’s claims over the South China Sea.
Tensions between China and its neighbors have escalated in recent years, from border skirmishes with India to confrontations in the South China Sea with Southeast Asian nations. Beijing has expressed displeasure over joint exercises and patrols conducted by US and other Western naval powers in waters that China claims as its own.
Key Points of this News
- Defense Spending Increase: China is set to increase its defense spending by 7.2% in 2024, marking the largest rise in five years, according to a Reuters report citing an official government work report released during the country’s annual parliamentary meetings in Beijing.
- Continued Growth: This year’s defense budget expansion follows a series of yearly increases, with rises of 7.2% last year, 7.1% in 2022, 6.8% in 2021, 6.6% in 2020, and 7.5% in 2019, according to official data.
- Global Comparison: While China’s official military budget ranks second only to the United States globally, some unofficial estimates suggest that Beijing’s actual military spending may exceed official claims.
- Territorial Claims: China maintains contentious territorial claims, including over self-governed Taiwan and vast portions of the South China Sea. President Xi Jinping views reunification with Taiwan as a “historical inevitability,” despite a 2016 ruling by The Hague’s Permanent Court of Arbitration invalidating China’s claims over the South China Sea.
- Regional Tensions: Tensions between China and its neighbors have escalated in recent years, from border skirmishes with India to confrontations in the South China Sea with Southeast Asian nations. Beijing has expressed displeasure over joint exercises and patrols conducted by US and other Western naval powers in waters that China claims as its own.
