China is set to allocate its largest sum to defense in the past five years, according to Bloomberg. China’s defense spending is projected to rise by 7.2% in 2024, marking the highest increase in five years. As per the report released by the Ministry of Finance on Tuesday, the central government’s military expenditures for this year are expected to reach 1.67 trillion yuan ($231 billion USD). China’s military spending has increased by at least 6.6% annually over the last three decades, although analysts suggest Beijing’s actual figure far exceeds the official amount, partially due to undisclose…