Daily Management Review

China to increase military funding by 7% in 2023


According to the country's draft 2023 budget, Chinese officials will raise the military budget by 7.2 percent to 1,553.7 billion yuan (roughly $224.8 billion) in 2023.

MC1 Chad J. McNeeley
MC1 Chad J. McNeeley
Additionally, spending on public security will increase by 6.4% to 208.972 billion yuan ($30.2 billion) and diplomatic action will increase by 12.2% to 54.836 billion yuan ($7.9 billion). The paper was released at the start of the National People's Congress's annual session (NPC).

The need to address "complex security challenges and fulfill the responsibilities of a big country" is what prompted China to increase its military spending, according to Wang Chao, spokesperson for the first session of the 14th National People's Congress. He continued by saying that other nations are not at risk from China's military development.

China has increased its military budget in previous years. Spending on national defense reached 1,449.963 trillion yuan (roughly $209.9 billion) in 2022, a 7.1% rise from the figures for 2021. When it comes to defense spending, China is currently second only to the United States.

source: chinadaily.com.cn