China Defense Spending to Climb 7.2% as Xi Pursues Buildup.

China's defense spending is set to increase by 7.2% in 2024, the largest increase in five years. The country's military expenditure is expected to reach 1.67 trillion yuan ($231 billion) this year. Chinese leader Xi Jinping has set a goal for the military to become a "world-class force" by 2027, but concerns about corruption within the military have raised doubts about achieving this ambition. Despite the increase in defense spending, China's military budget will still be below NATO's target of 2% of GDP. China currently has the world's largest navy and is expanding its fleet of aircraft carriers. Tensions with the US, particularly over Taiwan, have eased since Xi and President Biden met in November 2023. [Extracted from the article]