China is set to allocate its largest sum to defense in the past five years, according to Bloomberg.
China's defense spending is projected to rise by 7.2% in 2024, marking the highest increase in five years. As per the report released by the Ministry of Finance on Tuesday, the central government's military expenditures for this year are expected to reach 1.67 trillion yuan ($231 billion USD).
China's military spending has increased by at least 6.6% annually over the last three decades, although analysts suggest Beijing's actual figure far exceeds the official amount, partially due to undisclosed expenses on research and development.
China currently boasts the world's largest naval fleet by the number of ships and is bolstering its fleet with aircraft carriers. China, the US, and Russia are the only countries producing fifth-generation fighter jets. Last week, the US said that China is expanding its military capabilities in space at a "breathtaking pace."
"The armed forces will strengthen all-around military training and combat readiness, and resolutely safeguard national sovereignty, security and development interests," said Chinese Premier Li Qiang.
China's increased financial support for its armed forces comes amidst ongoing military tensions with the US, particularly regarding Taiwan, although the situation has eased since the meeting between Xi Jinping and Biden in the US last November.
Since August 2022, Beijing has twice conducted major drills around the democratically governed island with a population of 23 million, as its leader, President Tsai Ing-wen, met with top US lawmakers.
RBC-Ukraine previously reported on China resuming patrols near islands controlled by Taiwan.