China increases its defense budget by 7.2%

According to three recent articles, global defense spending reached a record $2.2 trillion in 2023, marking a 9% increase from the previous year. The International Institute of Strategic Studies anticipates further growth in defense budgets. More than half of this spending came from NATO member countries. Tensions with the U.S., Taiwan, and Japan, as well as neighboring countries over claims to the South China Sea, are contributing to the growth in military technologies. China's defense spending is projected to grow by 7.2% this year, reaching 1.67 trillion yuan ($231 billion) in 2024, according to an annual Finance Ministry report.