China’s defense spending will grow by 7.2% in 2024 — the most in five years — an increase that comes amid signs corruption is undermining a military revamp.
Military expenditure by the central government is expected to rise to 1.67 trillion yuan ($231 billion) this year, according to a Finance Ministry report released on Tuesday. In comparison, US President Joe Biden signed an annual $886 billion defense bill late last year, one that advanced a trilateral security deal with Australia and the UK largely intended to counter China.