China's Defence Spending Surges by 7.2% Amid Economic Slowdown
news18.com
India
06-03-2024
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China increased its defence budget by 7.2% to $232 billion as it continues to pursue the modernization of its military amid ongoing tensions with Taiwan, the South China Sea disputes and the border frictions with India. The nation will remain the second highest spender on defence after the US and has allocated 1.67 trillion yuan (about USD 232 billion) for defence spending. The increase in terms of the percentage was the same as last year, a report by the PTI said.
In comparison to India, China’s 2024 defence budget was almost three times higher than that of India. India allocated about $74.8 billion for defence, which amounted to Rs 621,541 crore.
China has set an economic growth target of “around five percent” in 2024, the same goal as last year but far lower than previous decades.
Beijing has struggled to sustain its rebound from the Covid-19 pandemic as a property sector crisis and flagging consumption weigh on growth.