China increases its defense budget by 7.2%, marking an increase of only 0.1%

BEIJING (Reuters) – China on Sunday announced a 7.2% increase in its defense budget for the coming year, just 0.1% more than in 2022.
This marks the eighth straight year of single-digit percentage increases in what is now the world’s second largest military budget. The 2023 figure was 1.55 trillion yuan ($224 billion).
Besides the world’s largest standing army, China has the world’s largest navy and recently launched its third aircraft carrier. According to the United States, it also has the largest air force in the Indo-Pacific, with more than half of its fighter jets made up of fourth- or fifth-generation models.
China also has a massive stockpile of missiles, as well as stealth aircraft, nuclear-capable bombers, advanced surface ships and nuclear-powered submarines.


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