China has announced a significant increase in its military spending for 2024. This decision comes amid an ongoing anti-corruption probe within the People’s Liberation Army (PLA) and escalating tensions with Taiwan. What Happened: China’s Ministry of Finance revealed a 7.2% rise in the country’s defense budget, reaching 1.67 trillion yuan for 2024. This announcement was made during the annual parliamentary meetings in Beijing, reported CNBC. Significantly, this uptick comes after a sequence of comparable rises in preceding years, including a 7.2% increase in 2023, a 7.1% spike in 2022, a 6.8% r…
