China’s ‘two sessions’ 2024: defence budget signals military readiness, not imminent war, experts say
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The 7.2 per cent growth earmarked for China’s military budget for this year is the same as 2023 and shows Beijing is not preparing for imminent war, but is taking strategically cautious steps to defend its interests, analysts said.
The budget was released by the Ministry of Finance on Tuesday as Premier Li Qiang addressed the opening session of the National People’s Congress.
In his work report, Li outlined ramped up support for war readiness through expansion of reserve forces.
He also stressed the need for military loyalty, following one of the largest purges in the defence ministry in recent years.
The world’s second-biggest military budget, which is set to grow to 1.67 trillion yuan (US$232 billion), according to the ministry, is closely watched as China faces multiple tensions in the South China Sea and the Taiwan Strait, as well as continued friction in its rivalry with the United States.
“The growth of China’s military expenditure is consistent with the growth of GDP,” Yue Gang, a retired colonel from the People’s Liberation Army (PLA) said, adding the spending was a solid foundation for the “steady” development of national defence and military expansion.