BEIJING, March 5. /TASS/. A planned 7.2% increase in China’s defense spending indicates that Beijing has no intention of entering into an arms race with Japan or the US, Wang Wen, executive dean of Chongyang Institute for Financial Studies at Renmin University of China, told a TASS correspondent, commenting on China’s 2024 draft defense budget.

"China does not wish to get involved in an arms race with the United States or Japan; this reflects China’s cautious defense policy course," the expert noted.

He said that, "China’s defense budget this year has increased only insignificantly, while overall retaining stable growth rates." "Such an increase in the budget shows China’s balanced approach. We should have sufficient strength to ensure national defense," Wang noted.

A government report and a report on socio-economic development and the 2024 draft budget were publicly disclosed at the opening of the second session of the 14th National People's Congress (NPC), China’s highest legislative body. This year, the government plans on increasing defense spending by 7.2%. The proposed military budget amounts to 1.6 trln yuan (approximately $231 bln). Last year, China also planned to increase defense spending by 7.2%, to 1.5 trln yuan (about $224.85 bln). The Chinese government plans to bolster the army’s combat readiness and actively conduct drills.

The draft budget stresses that, from the point of view of financial expenditures, there is an immediate need for increasing outlays in such a key area as national defense.