China announces increase in defense budget
Photo: Xi Jinping (Getty Images)
China will increase its defense budget by 7.2% in 2024, continuing the development of its modern military. This move is aimed at strengthening territorial claims and countering US influence in Asia, Associated Press reports.
According to media reports, China's military spending remains the second-largest in the world, after the US, and Beijing already has the largest naval fleet in the world. Currently, the defense budget is about $245 billion, and the increase was announced at the annual meeting of China’s legislature.
In particular, the 7.2% increase in the defense budget is consistent with last year’s rate. However, this percentage is lower compared to the double-digit increases in previous years, reflecting the overall slowdown in China's economy.
China accused of military assistance to Russia
In July last year, former US Secretary of State Anthony Blinken accused China of being the primary supplier of weapons to Russia. The US expressed concern about the growing cooperation between China and Russia.
Later, the reports indicated that Chinese companies are suspected of supplying Russia with dual-use goods - particularly, an increase in such trade was reported by Associated Press in April.
Furthermore, last year China adjusted its export control on drones intended for military use.
