China has boosted defence spending in its budget. According to Reuters Beijing will boost its defence spending by 7.2% this year.
This marks a continuous trend since 2013 since Xi became president where the defence budget has risen from to 1.67 trillion yuan ($230.60 billion) this year from 720 billion yuan in 2013.
The report also states that China has opted for tougher measures against Taiwan. According to a CNBC report, Beijing not only dropped the mention of “peaceful reunification” but also sought to “resolutely oppose separatist activities aimed at ‘Taiwan independence’ and external interference,” in a government report.
The report was delivered by Premier Li Qiang at the opening of the National People’s Congress (NPC).
China’s military budget is now second only to the US. In December last year, President Joe Biden had signed an $886.3 billion National Defense Authorization Act into law.
The defence spending comes as sweeping changes have been introduced in China’s military. According to a CNN report, China removed its defence minister Li Shangfu without explanation in December 2023. Former naval commander Dong Jun was named the new defence minister.
Along with this, a Xinhua report stated that nine senior military figures, from the military were removed. There were no explanations.
President Xi has stated that his goal is that his military should become a “world class force” by 2027.
Coming to economic growth, China has set a target of 5%. China also aims to create at least 12 million jobs. Both targets are similar to last year.
However, spending measures to boost the economy has taken second place to defence spending in the budget. Many economists doubt that China will manage to reach this target.
