March 5, 2023

China on Sunday announced a draft budget for 2023 which will see the country's annual defense budget rise to 1.5537 trillion yuan ($224.79 billion), an increase of 7.2 percent,remaining single-digit for the 8th consecutive year. Analysts said that the figure marks a reasonable and restrained boost amid military spending sprees by many other countries around the world in light of global security tensions.

It is part of the country's efforts to meet the need of modernizing its national defense in order to safeguard national sovereignty, territorial integrity and development interests facing external threats and instabilities.

The proposed defense budget growth was made public in a draft budget report issued at the opening of the annual session of the National People's Congress (NPC), the country's top legislature, on Sunday.

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https://www.globaltimes.cn/page/202303/1286643.shtml