China’s naval prowess was on display as it unveiled its J-15T fighter jet at the 2024 Zhuhai Air Show. This exhibition comes amidst China’s decision to increase its defense budget by 7.2% for the third consecutive year, as the nation aims to enhance its national security strategies.
The Chinese government is set to release an official report detailing a proposed defense budget of 1.78 trillion yuan ($244.99 billion) for the financial year 2025. This increase outpaces China’s economic growth target of approximately 5% for the same year, a move that comes as other global powers are also escalating their military expenditure to ensure their security.
In a recent development, the European Union has pledged potential support of up to 800 billion euros ($841 billion) for Ukraine, following reports of Russia’s large-scale invasion and the consequential halt of military aid from the U.S. to Ukraine.
In the previous year, China allocated a 7.2% increase in defense spending, amounting to 1.67 trillion yuan, maintaining the same growth rate as the year before. Beijing’s defense spending has seen steady growth over the years, with a 7.1% increase in 2022 and a 6.8% rise in 2021, as per official records.
When queried about China’s defense spending, Lou Qinjian, the spokesperson for the third session of the 14th National People’s Congress, emphasized that “strength is required to maintain peace.” This statement is derived from an official translation of his remarks in Mandarin.
Lou further highlighted that China’s defense spending as a percentage of GDP has consistently remained below 1.5% over the years, a rate that is lower than the global average.
Despite the increased expenditure, China continues to be the world’s second-largest military spender, trailing behind the U.S., which has earmarked $850 billion for its military budget in 2025.
In addition, China has boosted its public security budget by 7.3%. This sharp rise contrasts with the moderate 1.4% increase witnessed in the previous year.
This report incorporates contributions from Sam Meredith of CNBC.
