China Boosts Military Spending by 7% While Lowering Economic Growth Target

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China Hikes Military Spending 7%, Slashes Economic Growth Target to 4-5%

Representational image (Image: News18)

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News18•05-03-2026, 13:30

China Hikes Military Spending 7%, Slashes Economic Growth Target to 4-5%

•China announced a 7% increase in military spending, bringing its total defense budget to USD 275 billion this year.
•The country lowered its annual economic growth target to around 4-5 percent.
•This marks the 11th consecutive year of single-digit growth for China’s defense budget, the slowest increase since 2021.
•Premier Li Qiang presented these targets at the National People’s Congress in Beijing, attended by President Xi Jinping.
•US Department of Defense estimates China's actual 2024 defense spending was significantly higher than Beijing's announced budget.

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