June 16, 2024

Defense spending will rise by 7.2% in China

6 March 2023 | TITN Team

On Sunday, China upped its defence spending for the upcoming year by 7.2%, a little rise over the 7.1% increase from the prior year.

For the eighth year running, the military budget, which is currently the second largest in the world, increased by less than 10 percent. With a budget of 210 billion euros, China is second only to the United States in terms of military spending. Four times as much is spent in America.

However, observers claim Beijing minimises the amount it spends on defence. The announcement was made in front of the National People’s Congress (NPC), China’s rubber-stamp legislature. Also revealed at the conference was China’s intention to aim for a somewhat slower 5% economic growth rate this year.