China Targets 'Military Transformation' With Budget Hike

March 05, 2024
Chinese President Xi Jinping (C) and Premier Li Qiang (R) are served tea by hosts at the opening of the NPC, or National People's Congress, at the Great Hall of the People on March 5, 2024 in Beijing, China

Chinese President Xi Jinping (center) and Premier Li Qiang (center right) are served tea at the opening of the National People's Congress on March 5, 2024, in Beijing.

Credit: Kevin Frayer/Stringer/Getty
SINGAPORE—Beijing is continuing to grow its war chest, with plans to increase defense spending by 7.2% year-on-year to 1.67 trillion yuan ($231.36 billion). Based on projections for Chinese gross domestic product (GDP) for 2024 provided to Aviation Week by Oxford Economics, the new defense budget...

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