China expands defense budget 7.2%, marking slight increase

China on Sunday announced a 7.2% increase in its defense budget for the coming year, up slightly from last year’s 7.1% rate of increase. That marks the eighth consecutive year of single-digit percentage point increases in what is now the world's second-largest military budget. The 2023 figure was given as 1.55 trillion yuan ($224 billion), roughly double the figure from 2013. 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…