By Abid Chaudhary
TWA
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China unveiled its defense budget draft for the year 2024, amounting to 1.66554 trillion yuan ($231.36 billion), marking a 7.2 percent increase compared to the previous year. This announcement was made during the opening session of the second meeting of the 14th National People’s Congress (NPC), the highest legislative body in the country, according to Chinese media.
China has maintained a consistent trend of single-digit growth in its defense budget for nine consecutive years, demonstrating a commitment to moderate and reasonable increases, according to Zhang Junshe, a Chinese military expert. The growth rate for 2023 was also set at 7.2 percent, remaining stable within the range of six to eight percent in recent years.
Zhang Junshe further emphasized that China’s defense expenditure, as a share of its GDP, remains at a low level compared to other major military powers. Despite the option for more radical increases, China has shown restraint, with defense spending accounting for approximately 1.3 percent of the country’s GDP in recent years.
The decision reflects China’s commitment to comprehensive development and strategic fiscal responsibility. As geopolitical tensions continue to rise globally, China’s approach to defense budgeting aims to strike a balance between ensuring national security and maintaining stability in international relations.