China’s defence budget surges 7.2% amidst geopolitical tensions

New Delhi: China has unveiled its defence budget draft for the year 2024, revealing a significant increase to 1.66554 trillion yuan or US $ 231.36 billion, marking a 7.2% surge from the previous year.

The announcement, made during the opening of the second session of China's 14th National People's Congress (NPC), highlights China's continued increase of its military equipment and capabilities in the face of evolving geopolitical challenges and threats where China wants to increase its foothold.

This marks the third consecutive year of defence expenditure exceeding 7%, a trend that persists despite economic deceleration.

Experts, as highlighted by China's Global Times, interpret this increase as a calculated and measured stride in national defence development, considering factors such as military modernization, external security environments, and economic imperatives.

NPC spokesperson Lou Qinjian emphasized the rationale behind China's defence budget expansion, ensuring it remains proportionate to the country's gross domestic product and overall national budget.

Despite significant advancements in military technology, including the development of sophisticated weaponry like the J-20 stealth fighter jet and the DF-17 hypersonic missile, China faces challenges posed by a complex security landscape in the Indo-Pacific region.

Defence expenditure, accounting for a significant portion of the national budget, reflects China's status as the second-largest military spender globally, trailing only the United States.

Amidst escalating tensions with Washington and simmering disputes in regions such as Taiwan, the South, and East China Sea, and India, China’s defence buildup remains a focal point of concern globally.

Some ongoing assessments suggest that the actual military budget exceeds official figures by a considerable margin. US Senator Dan Sullivan's assertion that China's actual military budget could exceed $700 billion, over three times its official figure.

While specifics regarding the budget allocation remain undisclosed, the focus and worry are anticipated to be on enhancing conventional weaponry to address nuclear capability disparities vis-à-vis the U.S. The world leaders who matter and the neighbours must be watching this enhancement with much concern as it could further raise the cost of a global cold war.