China has announced its defense budget for 2024 at the 14th National People’s Congress, maintaining a consistent growth rate in military expenditure. The budget for the People’s Liberation Army (PLA) is set to increase by 7.2 per cent to Chinese Yuan (CNY) 1.66554 trillion, equivalent to USD 231.4 billion.
Chairman Xi Jinping’s prioritization of the PLA remains evident, with defense spending outpacing allocations for education and public security. Despite economic challenges, China predicts a 5 per cent growth in GDP for the upcoming fiscal year, following a significant deficit in the previous year.
Andrew Erickson, a Professor of Strategy, highlighted China’s continuous focus on security goals, including asserting control over Taiwan, despite rhetoric suggesting otherwise. Premier Li Qiang reiterated the commitment to strengthen the military, aligning with Xi’s vision for achieving a “modern military” by 2027, the army’s centennial.
However, concerns rise over China’s increasingly coercive stance towards Taiwan, as reflected in PLA’s aggressive actions and rhetoric. The PLA’s delegate, Wu Qian, emphasized preparations for war and combatting separatist movements.
China’s defense budget, significantly larger than neighboring countries’, raises eyebrows internationally. Despite claims of transparency, discrepancies persist in accurately assessing China’s actual defense spending, with estimates surpassing official figures by notable margins.
As China navigates economic challenges, its unwavering commitment to military growth sparks global concerns, underscoring the complex dynamics shaping regional security and geopolitical tensions.
