Arms Race

Steady Growth, Comparative Restraint, and Commitment to Peaceful Development

Main image to the post Steady Growth, Comparative Restraint, and Commitment to Peaceful Development

The Chinese government has proposed a defense budget of 1.67 trillion yuan ($231 billion) for the 2024 fiscal year, representing a 7.2 percent increase from the previous year. This proposed expenditure marks the ninth consecutive year of single-digit growth in defense spending since 2016.

The budget proposal was submitted to the national legislature during the opening meeting of the second session of the 14th National People's Congress. If approved, the budget will maintain the same percentage increase as the 2023 defense budget, which was set at 1.55 trillion yuan.

According to Lou Qinjian, spokesman for the NPC session, China's military expenditure remains comparatively low compared to other major military powers. He emphasized that China's defense spending is consistent with its economic and social development and is intended to safeguard sovereignty, security, and development interests.

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May 21, 2023 | 05:09