China plans to raise defense spending by 7.2% to $231b

Beijing: The Chinese government has proposed a defense budget of 1.67 trillion yuan ($231 billion) for the 2024 fiscal year, a 7.2 percent year-on-year increase, according to a draft budget report submitted to the national legislature on Tuesday morning.

The figures were included in the report prepared by the Ministry of Finance and distributed to lawmakers at the opening meeting of the second session of the 14th National People’s Congress at the Great Hall of the People in Beijing.