China will increase its military budget in 2024

The Chinese government on Tuesday decided to allocate 1.67 trillion yuan (US$231 billion) in military spending for the 2024 fiscal year, a 7.2 percent increase from the previous year, and proposed spending in the ninth year. Keep it in single digits consecutively since 2016.

According to Al-Mayadin, at the opening of the 14th National People’s Congress (National Legislative Assembly of China) in the Great Hall of the People in Beijing, with the presence of Chinese President Xi Jinping and a number of Chinese leaders, the government proposed to allocate 700 billion yuan.

Chinese Premier Li Qiang reviewed the report of the State Council on the implementation of the 2023 economic and social development plan, as well as the draft national economic and social development plan and the 2024 budget draft. Li Hengzhong, vice chairman of the Standing Committee of the Chinese National Congress, also explained the State Council’s draft constitutional amendment at the opening session, which Chinese lawmakers began debating on Tuesday.

In this meeting, it was revealed that China has achieved an economic growth of 5.2 percent in 2023 and will strengthen measures aimed at promoting youth employment. The report also states that China will implement a series of measures to ensure stability in employment and increase income growth.

Similarly, China has pledged that it will continue to firmly oppose Taiwan’s independence in 2024. As stated in the work report: We will firmly oppose separatist activities aimed at Taiwan independence and foreign interference.

Since Taiwan’s President Tsai Ing-wen took office in 2016, nine of Taiwan’s former allies have changed positions and re-established ties with China amid Beijing’s economic push. China considers Taiwan part of its territory and says it prefers peaceful reunification.

The report said that China will pursue its capacity for medical and health services, improve social security and services, and a proactive national strategy in response to population aging, adding that the government will seek to neutralize risks in real estate and It will be local government real estate.