China in 2023 intends to increase the defense budget by 7.2 percent, to 1.553 trillion yuan (about $ 224.85 billion).
This is stated in the draft budget published at the opening of the first session of the All-Chinese Assembly of People’s Representatives of the 114th convocation.
“National defense costs – 1.553 trillion yuan with an increase of 7.2 percent,” is indicated in the document.
On the eve of the official representative of the 1st session of the Supreme Economic Council of the 14th convocation, Van Cao said that the increase in China’s defense budget “is dictated by the need to respond to complex calls in the field of security, as well as the need to fulfill the obligations of a large power”.
In 2022, China increased defense costs by 7.1 percent to 1.451 trillion yuan (about $ 229.07 billion).