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China Removes โ€˜Peaceful Reunificationโ€™ Mention Of Taiwan; Increases Defence Budget By 7.2%

China will increase its defence budget by 7.2% this year, allocating 1.67 trillion yuan ($230.6 billion) to military spending, according to an official work report reviewed on Tuesday. The hike matches last yearโ€™s rate but exceeds Chinaโ€™s projected economic growth of around 5% for 2024.

The defence budget increase is closely watched amid rising tensions with the U.S. and other issues like Taiwan. In a separate report, China vowed to โ€œresolutely oppose separatist activities aimed at โ€˜Taiwan independenceโ€™ and external interference.โ€ It also dropped the previous language about seeking โ€œpeaceful reunificationโ€ with Taiwan.

This marks the ninth consecutive single-digit rise in Chinese defence expenditures, though details on spending allocations were not provided. The budget will be presented to Chinaโ€™s rubber-stamp parliament, the National Peopleโ€™s Congress, during its meeting starting Tuesday in Beijing.

While Beijing boosts military outlays, it set a relatively modest economic growth target of about 5% for 2024 after missing last yearโ€™s goal. China is grappling with headwinds, including a property sector slump and weak global demand.

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