BEIJING: China announced on Tuesday its decision to increase its defence spending in 2024, a move that comes amidst escalating hostility in regions. The 7.2 percent boost, matching last year’s figure, was unveiled at the onset of the annual session of the National People’s Congress (NPC), China’s top legislative body.
According to the budget report presented at the NPC, China is set to allocate 1.665 trillion yuan ($231.4 billion) towards defence expenditures in the upcoming year. Despite being the world’s second-largest defence budget after the United States, China’s military expenditure remains significantly lower than that of Washington, amounting to roughly one-third of the US defence budget.
NPC spokesman Lou Qinjian emphasized the necessity for “reasonable growth” in defence spending to safeguard China’s sovereignty, security, and developmental interests. Over the past several decades, China has consistently increased its military expenditure in alignment with its economic growth trajectory.
While China’s military spending constitutes a modest 1.6 percent of its GDP, significantly less than that of the United States and Russia. Beijing’s disputes with neighbouring countries like Japan and its actions in the South China Sea have intensified tensions in the region.
The government work report presented at the NPC reiterated China’s steadfast opposition to any activities aimed at promoting “Taiwan independence,” indicating a continued focus on the issue in 2024.
