March 5, 2024

China on Tuesday announced a defense budget draft for 2024 worth 1.66554 trillion yuan ($231.36 billion), an increase of 7.2 percent from the previous year.

The moderate figure reflects China's reasonable, restrained and steady steps in national defense development, which takes factors including military modernization, external security environments and economic development into account, experts said.

The proposed defense budget was released in a draft budget report issued at the opening of the second session of the 14th National People's Congress (NPC), the country's top legislature, on Tuesday.

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