BEIJING, March 5. /TASS/. The difficult situation in the international arena justifies China’s continuously growing defense spending, Qian Feng, expert of the National Strategic Institute of Tsinghua University and senior researcher at the Taihe Institute, told TASS.
"The situation is currently difficult in terms of international security. An escalation of armed conflicts has led to a global arms race," the expert said, commenting on China’s plans to increase budget appropriations for military purposes in 2024.
He pointed out that while leading powers were increasing their military spending, China’s defense budget had been growing by single digits for the past nine years. "This is necessary to ensure our country’s development interests, sovereignty and security in the current situation, and it also keeps up with economic development," Qian stressed.
In his view, China’s move to increase army funding "is reasonable, moderate and balanced."
According to an official report released on the opening of the second session of China’s 14th National People's Congress (parliament), the Chinese government plans to increase defense spending by 7.2% to 1.6 trln yuan (some $231 bln) in 2024. Last year, China also set a goal of increasing the relevant appropriations by 7.2% to 1.5 trln yuan (about $224.85 bln).