China said on Wednesday that it will raise its national defense budget by 7.2 percent, spending around USD 249 billion on military this year.
The nation's proposed defense expenditure for 2024 is 1.784665 trillion yuan (around USD 249 billion), as per a draft budget report submitted to China's Parliament by Premier Li Qiang.
This comes on the heels of last year's 7.2 percent increase, which lifted China's defense spending to about USD 232 billion (1.67 trillion yuan)—nearly three times the size of India's military budget. The continued growth in appropriations indicates China's sustained massive-scale military modernization program.
Others remain suspicious of the Chinese government's announced defense spending levels, especially in light of China's forceful drive to modernize its military. The swift buildup encompasses building aircraft carriers, deploying next-generation naval warships, and working on new stealth fighter aircraft—all at an increased rate.
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