China's Strategic Military Surge: Balancing Ambitions Amid Economic Challenges

China is increasing its defense budget by 7.2% to pursue military modernization amidst economic slowdowns and geopolitical tensions, notably with Taiwan and Ukraine. This growth aligns with China's ongoing military expansion goals and contrasts with its more modest economic growth target for 2023.

China is set to raise its defense expenditure by 7.2% this year, maintaining a consistent rise as the nation navigates economic slowdowns alongside increasing geopolitical tensions with regions such as Taiwan and Ukraine. According to a government report due for release in parliament this week, the increase mirrors last year's budget hike.

This elevated defense spending level significantly surpasses the country's projected economic growth of approximately 5%. Analysts suggest that this reflects Beijing's relentless pursuit of military modernization amid dynamic global challenges. Under President Xi Jinping, China's defense budget soared from 720 billion yuan in 2013 to 1.78 trillion yuan in 2023, marking a substantial annual rise.

With aims to complete full military modernization by 2035, China is developing advanced missiles and surveillance technologies. The latest government report emphasizes combat readiness and strategic enhancements while acknowledging the need for better political conduct within the military, amidst recent corruption scandals. Observers anticipate intensified military activities, especially around Taiwan, following past exercises that disrupted commercial aviation.

(With inputs from agencies.)