BEIJING: China will boost defence spending by 7.2% this year, a rise that is at the same pace as last year but faster than the government economic growth forecast, according to an official work report reviewed by Reuters on Tuesday.
The budget showed 1.67 trillion yuan ($230.60 billion) allocated to military spending.
The defence budget is closely watched by China’s neighbours and the United States, who are wary about Beijing’s strategic intentions and the development of its armed forces as tensions spiked in recent years over Taiwan.
The National People’s Congress (NPC), China’s rubber-stamp parliament, is due to hear Premier Li Qiang‘s first work report at its annual meeting in Beijing on Tuesday.
China has set an economic growth target for 2024 of around 5%, similar to last year’s goal, according to an official work report seen by Reuters on Tuesday.
The target rise for last year’s defence budget was also 7.2%.
The budget showed 1.67 trillion yuan ($230.60 billion) allocated to military spending.
The defence budget is closely watched by China’s neighbours and the United States, who are wary about Beijing’s strategic intentions and the development of its armed forces as tensions spiked in recent years over Taiwan.
The National People’s Congress (NPC), China’s rubber-stamp parliament, is due to hear Premier Li Qiang‘s first work report at its annual meeting in Beijing on Tuesday.
China has set an economic growth target for 2024 of around 5%, similar to last year’s goal, according to an official work report seen by Reuters on Tuesday.
The target rise for last year’s defence budget was also 7.2%.