China will increase its military budget this year by 7.2%, reaching 1 trillion and 665 million yuan (about 231 billion dollars) China has set an economic growth target for 2024 of about 5%, similar to last year's target. China's neighbors and the United States are closely monitoring Beijing's defense budget.
China considers Taiwan one of its provinces that has not yet been able to reunite with the rest of its territory since the end of the Chinese Civil War in 1949. The increase in defense spending this year represents the ninth consecutive increase in single digits.