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China boosts military spending by 7.2% in 2024
China is set to increase its defense spending by 7.2% to 1.67 trillion - that translates to 232 billion dollars in 2024 according to a budget report released by the Ministry of Finance.In the government's work report released Tuesday, Beijing vowed to "resolutely oppose separatist activities aimed at 'Taiwan independence' and external interference."China's 2024 military budget expansion follows a 7.2% increase last year, a 7.1% spike in 2022, 6.8% increase in 2021, 6.6% climb in 2020, according to official data.It is second only to the United States, though some unofficial estimates suggest the scale of Beijing's military spending may be even larger than officially claimed. Meanwhile, markets are mixed in China, just as the country projected a GDP growth target of "around 5%" for 2024, and announced the issuance of "ultra-long" special bonds for major projects.
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