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 year’s rate but exceeds China’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 “resolutely oppose separatist activities aimed at ‘Taiwan independence’ and external interference.” It also dropped the previous language about seeking “peaceful reunification” 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 China’s rubber-stamp parliament, the National People’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 year’s goal. China is grappling with headwinds, including a property sector slump and weak global demand.
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