China expands defense budget 7.2%, marking slight increase

China has expanded its defense budget by 7.2%, up slightly from last year’s 7.1% rate of increase. That marks the eighth consecutive year of single-digit percentage increases in what is now is now the world’s second-largest military budget. The 2023 figure was given as 1.55 trillion yuan ($224 billion). Along with the world’s biggest standing army, China has the world’s largest navy and recently launched its third aircraft carrier. According to the U.S., it also has the largest aviation force in the Indo-Pacific, with more than half of its fighter planes consisting of fourth or fifth generation models.