China's Defense Budget Boost Amid Economic Challenges
China increases its defense budget by over 10% to USD 275 billion to accelerate military modernization, despite lowering its GDP target due to domestic and international economic pressures. This move follows a 7.2% hike last year, intensifying regional defense competition.
- Country:
- China
In a strategic move to advance its military capabilities, China announced a considerable increase in its defense budget on Thursday, raising it by over 10% to USD 275 billion. This budget expansion is aimed at modernizing the armed forces to rival the United States in military prowess.
The allocation, disclosed by Chinese Premier Li Qiang in a report to the National People's Congress, signifies China's continued commitment to defense investments despite economic constraints. With this increase, China retains its position as the second-largest defense spender globally, following the United States.
Concurrently, China adjusted its GDP growth target to between 4.5% and 5%, acknowledging economic challenges such as trade tensions, a cooling property market, and rising unemployment, marking the first such adjustment in three years.
ALSO READ
-
China's $44 Billion Boost: Navigating Systemic Risks and Tech Financing
-
China's Bold Future: Xi Jinping's Vision Unveiled Amid Tech Rivalries
-
China's Bold Plan to Cut Carbon Intensity by 17%
-
Xi Jinping's Grand Plan: China's Strategic Roadmap Unveiled
-
China Eyes Steady Economic Growth Amid Global Uncertainties: 4.5%-5% Target for 2026
Google News