China has announced a 7.2% increase in its defense budget for the coming year, just one tenth of a percent higher than in 2022. The 2023 figure was given as 1.55 trillion yuan ($224 billion).
From left, Li Zhanshu, Chinese President Xi Jinping, and Premier Li Keqiang stand during the opening session of China's National People's Congress at the Great Hall of the People in Beijing, Sunday, March 5, 2023. From left, Li Zhanshu, Chinese President Xi Jinping, and Premier Li Keqiang stand during the opening session of China's National People's Congress at the Great Hall of the People in Beijing, Sunday, March 5, 2023.
That marks the eighth consecutive year of single-digit percentage point increases in what is now the world’s second-largest military budget. The 2023 figure was given as 1.55 trillion yuan , roughly double the figure from 2013.
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