BEIJING: China is expected to spend $1.4 trillion over the period 2024-28 under its modernization plan of People’s Liberation Army (PLA).
According to GlobalData, an analytics company the growing US military assistance to Taiwan, and security alliances like QUAD and AUKUS formed by regional rivals are cause of concern for China.
In line with the modernization plan of the People’s Liberation Army (PLA), the country’s defence expenditure is to grow significantly.
China to Modernize PLA, Spending $1.4 trillion
GlobalData’s in latest report said that China’s defence budget grew from $172.2 billion in 2019 to $230.3 billion in 2023.
The increase in the defence budget is primarily due to ongoing and planned procurement programs, which aim to modernize the country’s current defence equipment.
The projected significant financial commitment of $1.4 trillion is a clear signal of China’s strategic vision.
This modernization initiative demonstrates China’s rising influence at regional and international level.
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China is in the process of building a strong blue water navy by procuring its fourth Aircraft Carrier, Tang-class Nuclear-Powered Ballistic Missile Submarine (SSBN), Type 054A Frigates and Renhai-class (Type 055) Destroyers.
These major ongoing programs, once completed, will certainly redesign global and regional security dimensions.
China’s naval evolution shows its determination to enforce its interests in key regions like the East China Sea, the South China Sea and the Yellow Sea.
Th US and EU restrictions and embargoes on China to transfer of foreign defence technology to the country, have made China self-reliant in defence equipment manufacturing industry.
