China sets its growth target at 5% and increases its army budget. Chinese Premier Li Qiang set a 5% growth target for 2024 before delegates of the National People's Congress meeting in an annual plenary session in Beijing this week.
China will spend $231 billion on military spending this year, compared to $886 billion in the United States. Xi Jinping has set the date for the end of the modernization of the People's Liberation Army at 2027. The purge brought down the defense minister last year.