China Boosts Military Spending By 7.2% Amid Anti-Corruption Probe, Vows To Deter Taiwan 'Separatist Activities'

China has announced a significant increase in its military spending for 2024. This decision comes amid an ongoing anti-corruption probe within the People’s Liberation Army (PLA) and escalating tensions with Taiwan.

What Happened: China’s Ministry of Finance revealed a 7.2% rise in the country’s defense budget, reaching 1.67 trillion yuan for 2024. This announcement was made during the annual parliamentary meetings in Beijing, reported CNBC.

Significantly, this uptick comes after a sequence of comparable rises in preceding years, including a 7.2% increase in 2023, a 7.1% spike in 2022, a 6.8% rise in 2021, a 6.6% climb in 2020, and a 7.5% growth in 2019, as per official data.

The military budget announcement coincides with the dismissal of several PLA generals, including the former Defense Minister Li Shangfu, as part of President Xi Jinping‘s broad anti-corruption probe.

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China’s official military budget is the second-largest globally, trailing only the United States. However, unofficial estimates suggest that China’s actual military spending may exceed the official figures.

The announcement also included a vow from Beijing to “resolutely oppose separatist activities aimed at ‘Taiwan independence’ and external interference.”

Why It Matters: The increase in China’s military spending is a significant development, especially in the context of recent warnings about the country’s alarming military space and counterspace capabilities. In a Senate hearing, the head of the U.S. Space Command, General Stephen Whiting, highlighted China’s aggressive advancements in space technology, which could pose a significant threat to U.S. satellites and military forces.

China’s military buildup also follows a series of other provocative actions, including a military escalation towards Taiwan amid U.S.-China talks and a significant military purge initiated by President Xi Jinping in response to widespread corruption within the PLA.

Moreover, the U.S. has been taking steps to counter China’s military and technological advancements, including imposing restrictions on chip exports to China over concerns about the military’s potential use of advanced semiconductor technology.

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