China will Raise its Defense Budget by 7.2%

According to a draft released on Sunday by the Ministry of Finance, China is expected to increase defense spending this year by 7.2% to 1.56 trillion yuan ($230 billion).

According to official statistics, China’s defense spending increased by 7.1% last year to 1.45 trillion yuan, outpacing growth of 6.8% in 2021 and 6.6% in 2020.

The amount China spent on defense in 2019 increased by 7.5% to 1.19 trillion yuan.

Premier Li Keqiang made no mention of the Russia-Ukraine conflict in a separate briefing Sunday about government activities. The report recommended maintaining our dedication to a self-sufficient, pro-peace foreign policy.

The work report adhered to Beijing’s call for “peaceful reunification” while urging “resolute actions to prevent ‘Taiwan independence’.”

Beijing asserts that Taiwan, an autonomous island with democratic government, is a part of its territory.

For the fiscal year that ends on September 30, 2023, the U.S. government authorized expenditure on defense of more than $800 billion in December. The budget proposal also emphasized the need to resist Chinese and Russian military capabilities in addition to domestic inflation.

That’s a big increase over previous years.

According to Treasury figures, the United States spent $767 billion, or 12% of its budget, on national defense in fiscal year 2022. The research showed that this was around 2% more than the $755 billion spent in 2021.