March 4, 2023

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

China’s defense budget grew by 7.1% last year to 1.45 trillion yuan, faster than the 6.8% increase in 2021 and 6.6% climb in 2020, according to official data.

In 2019, China’s defense spending rose by 7.5% to 1.19 trillion yuan.

Read more:

https://www.cnbc.com/2023/03/05/china-defense-budget-two-sessions.html