China to ramp up military spending by 7.2%, eclipsing rate of economic growth

China IIt is planning to boost its defense budget A 7.2% increase, which is a faster rate than the previous growth “around 5%” Objective for economic growth in 2023

China’s Sunday unveiled national budget allocated 1.55 trillion Yuan ($224 Billion) for its military in response to geopolitical tensions between the west and China over its status. Taiwan And the South China Sea, also loom, Associated Press reported. The U.S. is comparable. authorized The fiscal year 2023 will cost approximately $858 million.

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“Our armed forces, with a focus on the goals for the centenary of the People’s Liberation Army in 2027, should work to carry out military operations, boost combat preparedness and enhance military capabilities,” According to the report, Premier Li Keqiang stated this.

China’s military budget has been boosted for the second consecutive year. Its increase eclipses 7% last year. Beijing officials have attempted to reduce the gap between China and the U.S. which spends nearly four times more on defense. Beijing holds the title of the largest Navy in the world.

It was not possible to give a breakdown on how military expenditures will be distributed. China’s