SIPRI’s annual report, released Monday, said global military expenditure reached $2.72 trillion in 2024, a 9.4% increase from 2023 and the largest year-on-year rise since the Cold War's end. This marks the tenth straight year of growth.
Defense spending is rising across East Asia as China’s expanding military power fuels regional concerns, according to a new report by the Stockholm International Peace Research Institute (SIPRI).
The world’s five biggest military spenders, the United States, China, Russia, Germany, and India made up 60% of total spending, combining for $1.64 trillion.
Spending in Asia and Oceania reached $629 billion in 2024, up 6.3% from 2023, with East Asia alone seeing a 7.8% jump to $433 billion.
China accounted for half of Asia’s total defense spending, with an estimated $314 billion, a 7% increase from 2023, and its largest annual rise since 2015. This marks the 30th consecutive year of growth, as China pushes to modernize its military across all domains by 2035.
China’s buildup has led neighboring countries to bolster their own defenses. Japan raised its defense budget by 21% to $55.3 billion, its biggest increase since 1952, lifting defense spending to 1.4% of GDP, the highest since 1958. Japan’s plan focuses on enhancing long-range strike and air defense capabilities through 2027.
Meanwhile, Taiwan boosted its military spending by 1.8% to $16.5 billion, allocating a significant portion to upgrade F-16 jets, purchase U.S. naval systems, and develop anti-drone technologies amid heightened tensions with China.
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China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
A new multimodal trade corridor through Central Asia is expected to cut cargo transit times between China and Afghanistan from 55 to 30 days, offering an alternative to increasingly unstable maritime shipping routes.
Former Chinese defence ministers Wei Fenghe and Li Shangfu have been sentenced to death with a two-year reprieve for corruption, state news agency Xinhua reported on Thursday. The cases highlight the scale of President Xi Jinping’s anti-corruption purge within China’s military.
Australia confirmed it will repatriate citizens from the MV Hondius cruise ship hit by a deadly hantavirus outbreak, with quarantine on arrival. Spain, France are evacuating nationals as three deaths are confirmed. In the U.S., two passengers have been isolated after testing positive for the virus.
U.S. President Donald Trump called Iran’s response to Washington’s latest peace proposal “totally unacceptable” amid talks over ending the war and securing shipping through the Strait of Hormuz. A cargo vessel near Qatar was hit by a projectile as Kuwait reported hostile drones in its airspace.
President Donald Trump called Iran’s response to a US war proposal “totally unacceptable” after Tehran sent its reply through mediator Pakistan, according to IRNA. Qatar’s al-Thani also warned Iran against using the Strait of Hormuz as “a pressure tool”.
A Turkish Airlines plane caught fire in its landing gear tyres after landing at Tribhuvan International Airport on Monday (11 May) morning, temporarily disrupting airport operations, officials said.
Slovak Prime Minister Robert Fico has cited Azerbaijan as an example of what he described as a sovereign foreign policy, recalling remarks made by President Ilham Aliyev during talks in Yerevan, where he sharply criticised resolutions adopted against his country by the European Parliament.
French President Emmanuel Macron opened France’s first-ever business summit in an English-speaking African nation on Monday (11 May), as Paris seeks to strengthen ties across the continent following a decline in influence in several former French colonies.
UK Prime Minister Keir Starmer will attempt a political fightback on Monday (11 May) with a speech promising closer ties with the European Union after Labour suffered heavy local election losses and growing calls for his resignation.
U.S. President Donald Trump said on Sunday that three Polish nationals and two Moldovan citizens had been released from detention in Belarus and Russia, highlighting what he described as growing diplomatic cooperation with Minsk.
Israeli Prime Minister Benjamin Netanyahu said Israel aims to eventually end its reliance on U.S. financial military support within the next decade. The decision signals a long-term shift in the country’s defence policy as it seeks to deepen ties with Gulf states.
Thaksin Shinawatra, Thailand’s billionaire former prime minister, has been released on parole from prison on Monday (11 May). Shinawatra served part of an eight-month sentence that capped years of legal battles, political turmoil and controversy surrounding his return from exile.
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