China boosts diplomatic budget by 9.3% as US leaves ‘fiscal void’

China is expanding its diplomatic budget by 9.3 per cent, the highest increase in three years, signalling Beijing’s plans to consolidate its geopolitical clout as instability mounts around the globe, according to analysts.The Ministry of Finance on Thursday proposed that 70.975 billion yuan (US$10.28 billion) be allocated for Beijing’s diplomatic spending in 2026, up 9.3 per cent from the previous year. It is the fifth consecutive year that China has increased its foreign affairs expenditure.The proposed budget – submitted to the National People’s Congress (NPC), the country’s top legislature – mapped out plans for China to expand international financial and economic cooperation as well as “act on” its global initiatives covering development, security and governance.“We will support the expansion of high-standard opening up, pursue high-quality belt and road cooperation, and work for the building of a community with a shared future for humanity,” the budget report said, referring to the Belt and Road Initiative.The planned budget rise of 9.3 per cent for Beijing’s foreign affairs spending this year is higher than the uptick in the military budget, set at 7 per cent. Last year, China increased its diplomatic budget by 8.4 per cent.China’s additional diplomatic spending comes as global instability escalates, and the United States shows signs of withdrawing from its role as a world leader.