China Steps Up Military Spending

According to SIPRI data, China has increased its military expenditure by almost 900 percent since 1992. At around $300 billion in 2022, the Chinese spent significantly more than the Russians (around $72 billion), but their spending was still well below that of the U.S. (around $812 billion). China is the second-biggest spender in total military budget after the United States.

Still, the Chinese spending spree has raised eyebrows worldwide. It came back into the spotlight last week when the reference to a "peaceful reunification" with Taiwan was dropped from a government report presented at the Chinese National People's Congress. At the same event, it was announced that the Chinese defense budget was to grow another 7.2 percent in 2024. The South China Morning Post out of Hong Kong reports that the Chinese military budget has pivoted towards combat readiness and preparation for war. Part of the increased Chinese military investment is going towards more "advanced technology, science, logistics and key weaponry and equipment", the newspaper reports.