China increases its defense budget by 7.2% to $224 billion, its 8th consecutive increase
China will increase defense spending by 7.2% this year, slightly higher than last year’s increase, as premier li keqiang Called upon the armed forces to boost war preparedness. The 1.55 trillion yuan ($224 billion) in military spending in the national budget released on Sunday is being closely watched by China’s neighbors and in Washington as a barometer of how aggressively the country will bolster its military. China last year pegged its defense budget at 1.5 trillion yuan, an increase of 7.1%. This year’s growth marks the eighth consecutive double digit growth. As in previous years, no breakdown of spending was given, only the total amount and rate of increase.
In its work report presented at the opening session of the National People’s Congress (NPC) – the country’s rubber-stamp parliament – Premier Li Keqiang praised the achievements of the armed forces on the borders without directly mentioning the yet-unresolved eastern Ladakh standoff. India. “He operated in a resolute and flexible manner, and he effectively carried out key missions related to border defense, maritime rights protection, anti-terrorism and stability maintenance, disaster rescue and relief, Covid-19 response, peacekeeping, and merchant ship escort.” operated.” Li’s work report said. The reference to a “major mission related to border defence” was deemed significant in the context of aggressive actions by the PLA along the Line of Actual Control with India in eastern Ladakh in May 2020, which triggered a prolonged standoff that saw both almost stabilized relations between both countries.
China is the second largest spender on defense after the US, with a total 2023 defense budget of $816 billion. However, from India’s point of view, China’s defense budget remained three times higher. India’s defense budget for 2023-24 was Rs 5.94 lakh crore (about $72.6 billion).
Beijing nervous about challenges on fronts ranging from China’s claimed Taiwan to US naval and air missions in the disputed region South China Sea,
“With a focus on the goals of the PLA’s centenary in 2027, our armed forces should work to conduct military operations, promote combat readiness and enhance military capabilities,” Li said. Must be sharpened, must be developed. Devote more energy to new military strategic guidance, training in combat conditions.”