China to Increase 2024 Defense Budget by 7.2% Amid Geopolitical Tensions

Amid the annual parliamentary meetings in Beijing, the Ministry of Finance has released a budget report announcing that China is planning to increase its defense spending by 7.2% to a total of 1.67 trillion yuan in 2024.

Recent Changes in Leadership

Notably, this announcement comes in the wake of significant changes within the People's Liberation Army, with several generals, including the former Defense Minister Li Shangfu, being removed from their positions as part of President Xi Jinping's anti-corruption campaign over the past year.

Consistent Growth in Military Budget

China's projected military budget for 2024 marks a continuation of its upward trend, following a 7.2% increase last year, a 7.1% spike in 2022, a 6.8% increase in 2021, a 6.6% climb in 2020, and a 7.5% growth in 2019, according to official data.

Comparison to the United States

China's officially reported military budget is the second-largest in the world, trailing only the United States. However, some unofficial estimates indicate that Beijing's actual military spending could surpass the officially claimed figures.