China's defence budget sees significant increase for 2024

New Delhi, Mar 5: In the 14th National People's Congress (NPC), China revealed its draft defence budget for 2024, showing a notable rise to 1.66554 trillion yuan or US $231.36 billion.

This marks a 7.2% increase from the previous year, indicating the country's continued efforts to bolster its military capabilities in the face of evolving geopolitical challenges and threats.

This uptick in defence spending represents the third consecutive year of expenditure exceeding 7%, despite economic deceleration. Lou Qinjian, spokesperson, cited the imperative to safeguard national sovereignty, security, and developmental interests in alignment with its international responsibilities.

However, it is believed that the actual Chinese military budget may exceed official figures by a considerable margin. US Senator Dan Sullivan has asserted that China's actual military budget could surpass $700 billion, over three times its official figure.

While specifics regarding budget allocation remain undisclosed, the focus is expected to be on enhancing conventional weaponry to address nuclear capability disparities vis-à-vis the U.S.