China has announced a significant increase in military spending for 2024. This decision comes in the context of an ongoing anti-corruption investigation within the People’s Liberation Army (PLA) and rising tensions with Taiwan.
What happened: China’s Ministry of Finance announced a 7.2% increase in the country’s defense budget, reaching 1.67 trillion yuan for 2024. The announcement was made during annual parliamentary meetings in Beijing, CNBC reported.
Significantly, this increase comes after a series of comparable increases in previous years, including a 7.2% increase in 2023, a 7.1% peak in 2022, a 6.8% increase in 2021, a 6.6% in 2020 and a growth of 7.5% in previous years. 2019, as per official data.
The military budget announcement coincides with the dismissal of several PLA generals, including the former defense minister Li Shangfuas part of the President Xi Jinping.’s extensive anti-corruption investigation.
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China’s official military budget is the second largest globally, behind only the United States. However, unofficial estimates suggest that China’s actual military spending may exceed official figures.
The announcement also included Beijing’s promise to “resolutely oppose separatist activities aimed at Taiwan independence and external interference.”
Because matter: China’s increased military spending represents a significant development, especially in the context of recent warnings about the country’s alarming space and anti-space military capabilities. At a Senate hearing, the head of the US Space Command, General Stephen Whitinghighlighted China’s aggressive advances in space technology, which could pose a significant threat to satellites and U.S. military forces.
China’s military buildup also follows a number of other provocative actions, including a military escalation toward Taiwan in the context of US-China talks and a significant military purge initiated by President Xi Jinping in response to widespread corruption within the ‘EPL.
Additionally, the United States has taken steps to counter China’s military and technological advances, including imposing restrictions on chip exports to China due to concerns about the military’s potential use of advanced semiconductor technology.
Read next: Nvidia rival AMD faces hurdles exporting China-specific AI chips in US crackdown: report
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