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China Increases Defense Budget by 7.2% Amid Regional Tensions

Beijing's military spending hike comes as it hardens its stance on Taiwan and faces growing rivalry with the United States.

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PLA Soldiers At The NPC
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Overview

  • China announced a 7.2% increase in its defense budget for 2024, raising the allocation to 1.665 trillion yuan ($231.4 billion).
  • The increase mirrors last year's rate and is seen as a response to heightened tensions with the US, Taiwan, and other regional powers.
  • Beijing drops mention of 'peaceful reunification' with Taiwan, signaling a tougher stance.
  • China's military spending has more than doubled under President Xi Jinping's leadership, amid efforts to modernize its armed forces.
  • The US remains the world's top military spender, with China's defense budget being the second highest.