tirsdag 5. mars 2024

China boosts military spending by 7.2%, vows to ‘resolutely’ deter Taiwan ‘separatist activities’

China is set to increase its defense spending by 7.2% to 1.67 trillion yuan in 2024, according to a budget report released by the Ministry of Finance on Tuesday, as part of the country’s annual parliamentary meetings in Beijing. This year’s military budget announcement comes against the backdrop of several generals from the People’s Liberation Army, including the country’s previous Defense Minister Li Shangfu, losing their positions amid President Xi Jinping’s broad anti-corruption probe in the past year.

China’s 2024 military budget expansion follows a 7.2% increase last year, a 7.1% spike in 2022, 6.8% increase in 2021, 6.6% climb in 2020 and 7.5% growth in 2019, according to official data. China’s official military budget is second only to the United States in the world, though some unofficial estimates suggest the scale of Beijing’s military spending may be larger than officially claimed.