 "Soldiers of People's Liberation Army (PLA) march in formation past Tiananmen Square during a rehearsal before a military parade marking the 70th founding anniversary of People's Republic of China, on its National Day in Beijing, China. Reuters File")
China will increase defence expenditure by 7.2% this year, the same as last year but more than the government’s economic growth prediction, according to an official work report obtained by Reuters on Tuesday.
The budget foresaw spending on the military at 1.67 trillion yuan ($230.60 billion).
China’s neighbours and the US keep a close eye on the defence budget because they are concerned about Beijing’s strategic goals and the growth of its military forces given the recent spike in tensions over Taiwan.
In a separate report, China said it would “resolutely oppose separatist activities aimed at ‘Taiwan independence’ and external interference”.
The work report also said China would “be firm in advancing the cause of China reunification”, dropping the mention of “peaceful reunification” in previous reports.
The rise in military spending this year represents the ninth consecutive year of single-digit growth. Just the total amount and the percentage of increase was provided, as in prior years, without any breakdown of the spending.
Premier Li Qiang’s first work report is scheduled to be heard by the National People’s Congress (NPC), China’s rubber-stamp parliament, during its annual meeting in Beijing on Tuesday.
As per an official work report seen by Reuters on Tuesday, China has established an approximate 5% annual economic growth objective for 2024, which is in line with the previous year’s agenda.