China defense budget grows 7.2% despite other 'belt-tightening'
BEIJING -- China's annual defense spending is set to grow by 7.2% this year, well above the country's economic growth target of "around 5%."
The Ministry of Finance submitted its annual budget plan to the National People's Congress on Tuesday morning. The defense increase will bring the budget for 2024 to nearly 1.67 trillion yuan ($232 billion).