China has announced a 7.2% increase in its defense budget for the coming year 2023. Which is only one percent more compared to 2022. The defense budget is set at 1.55 trillion yuan ($224 billion) in 2023. The defense budget in China has almost doubled from 2013 figures. With this, China has now become the country with the second largest military budget in the world. Read international news here.
China has increased its defense budget by one percent for the eighth year in a row. Along with the world’s largest standing army, China has the world’s largest navy. It recently launched its third aircraft carrier. U.S. According to China, it also has the largest air force in the Indo-Pacific, with more than half of its fighter jets consisting of fourth- or fifth-generation models. China has stealth aircraft, nuclear-capable bombers, advanced surface ships and nuclear-powered submarines, as well as a vast arsenal of missiles.
The report was presented at the annual session of the Chinese Parliament
The People’s Liberation Army of China is the military wing of the ruling Communist Party and has 2 million members. It is commanded by a commission headed by President and Party leader Xi Jinping. In his report to the annual session of China’s parliament on Sunday, Premier Li Keqiang of the People’s Republic of China said that over the past year, we have been committed to the party’s full leadership over the people’s armed forces. The armed forces have stepped up efforts to strengthen themselves through reforms, scientific and technological development and personnel training, and have increased their political allegiance to practice law-based governance.
China spends 1.7 percent of GDP on the military
According to the World Bank, China will spend 1.7% of its gross domestic product (GDP) on its military in 2021, while the US spent 3.5% on its massive military. However, the double-digit annual percentage rate increases of the past decade are no longer seen. China’s defense spending has remained relatively high despite skyrocketing levels of government debt and an economy growing last year at its second-slowest pace in at least four decades.
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