China to hike defence spending by 7.2% to US$245b this year
China's defence budget will grow 7.2% — this year maintaining a single-digit growth rate as last year — as the country continues to modernise its military. The military spending of more than US$245 billion is a sizeable increase from when Chinese President Xi Jinping first took power in 2013. China aims to complete the modernisation of its military by 2035. Its budget is second to the US — which at US$1 trillion in 2024, is the highest in the world. Deborah Wong reports.
China's defence budget will grow 7.2% — this year maintaining a single-digit growth rate as last year — as the country continues to modernise its military. The military spending of more than US$245 billion is a sizeable increase from when Chinese President Xi Jinping first took power in 2013. China aims to complete the modernisation of its military by 2035. Its budget is second to the US — which at US$1 trillion in 2024, is the highest in the world. Deborah Wong reports.
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