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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China Targets 'Military Transformation' With Budget Hike is published in Aerospace Daily & Defense Report, an Aviation Week Intelligence Network (AWIN) Market Briefing and is included with your AWIN membership.
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