China is set to boost its defense budget by 7.2% this year, marking a slowdown compared to previous years’ double-digit increases. The move aims to assert its territorial claims and challenge the US defense lead in Asia amid tensions with Taiwan, Japan, and neighbors over the South China Sea.
The budget, totaling around $245 billion, reflects an overall slowdown in China’s economy, with leaders setting a target of 5% growth for this year. However, experts say China’s total spending on defense may be higher due to items included under other budgets.
China has been modernizing its military, including developing stealth fighters, expanding its nuclear arsenal, and building bases on artificial islands in the South China Sea. The country claims Taiwan as its own territory and has increased military deployments near the island, including five planes and seven ships.
Premier Li Qiang emphasized that China prefers a peaceful solution to the Taiwan issue but “resolutely opposes” those pushing for formal independence. China’s defense minister is planning to boost military spending in response to the escalating threats from adversaries.
The economic crunch has forced China to prioritize strategic goals over social and economic reforms, with resources focused on advancing its techno-industrial agenda and modernizing the military. The US Defense Department has warned of China’s growing ambitions, citing concerns over the PLA’s focus on projecting power beyond China’s shores.
China will continue to assert its dominance in the Asia-Pacific region through diplomacy and defense, with President Xi Jinping overseeing the armed forces. However, the exact impact of these efforts remains unclear.
Source: https://apnews.com/article/china-defense-budget-taiwan-4ac7cbdc7d5b889732cd55916ff7eb36