China on Thursday sharply increased its defence budget to $275 billion as it ramped up on efforts of the modernisation of the country's armed forces to compete with the US military. The $275 billion China defence budget was $25 billion more than last year, according to data. China's defence budget hike coincides with the conflict in the Middle East, where the US is showing its military prowess by launching missiles and drones in Iran. Last year China announced a 7.2% increase for its national defence budget to $249 billion for 2025 which is a $17 billion rise compared to 2024. $44 billion for state-owned banks China said on Thursday it would inject 300 billion yuan ($43.59 billion) into state-owned banks this year through a special treasury bond and deepen reforms of state-owned financial enterprises, to fend off systemic financial risks.

Source: Mint March 05, 2026 06:39 UTC