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China says to hike defence spending by 7.2% this year

China has announced plans to increase its defense budget by 7.2% this year, marking the largest annual increase in four years. This escalation in military spending, which will amount to 1.55 trillion yuan ($225 billion), comes amidst ongoing tensions with the United States and concerns over Taiwan. The budget hike is part of China's broader strategy to modernize its military, aiming to achieve "world-class standards" by 2027, as stated by President Xi Jinping. This increase also reflects China's response to what it perceives as external threats and its commitment to enhancing its military capabilities in areas like cyber warfare, space, and artificial intelligence. The announcement was made during the annual session of China's parliament, highlighting the country's focus on national security and its assertive stance in regional and global affairs.

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