China on Sunday announced a 7.2% increase in its defense budget for next year, just 0.1% more than in 2022.
That marks the eighth straight year of single-digit percentage increases in what is now the world’s second-biggest military budget. The 2023 figure was 1.55 trillion yuan ($224 billion).
Along with the world’s largest standing army, China has the world’s largest navy and recently launched its third aircraft carrier. According to the US, it also has the largest aviation force in the Indo-Pacific, with more than half of its combat aircraft consisting of fourth- or fifth-generation models.
China also has a huge missile reserve, along with stealth aircraft, bombers capable of carrying nuclear weapons, advanced surface ships and nuclear-powered submarines.
China spent 1.7% of GDP on its military in 2021, according to the World Bank, while the US, with its huge liabilities abroad, spent a relatively high 3.5%.
China budgeted 1.45 trillion yuan (then $229 billion) for last year, roughly double the figure for 2013. Steady annual increases for more than two decades have allowed the 2 million-strong People’s Liberation Army members increase their capabilities in all categories.
