China increased the defense budget by 7.2 percent

Defense spending this year has increased to 1.55 billion yuan. However, given the strength of the dollar against the yuan, China’s defense spending this year has come down to about $224 billion, down from $230 billion last year.

Beijing. China on Sunday increased its defense budget by 7.2 percent to 1,550 billion yuan, higher than last year. This is the eighth consecutive increase in its military budget. China presented a budget of 1,450 billion yuan last year, an increase of 7.1 percent. Defense spending this year has increased to 1.55 billion yuan. However, given the strength of the dollar against the yuan, China’s defense spending this year has come down to about $224 billion, down from $230 billion last year. In a work report presented at the opening session of the National People’s Congress (NPC), outgoing premier Li Keqiang called on the armed forces to step up combat preparedness.

He said China’s armed forces should work for military operations, enhance combat readiness and military capabilities to fulfill the tasks assigned to them by the CPC (Communist Party of China). Li said the armed forces should intensify military training, form new military strategic guidance, and make well-coordinated efforts to strengthen military work in all directions. The name of China comes after America among the countries that spend the most on their defense budget. America has presented a defense budget of $ 816 billion for 2023. China’s defense budget is three times more than India’s. India has presented a budget of $72.6 billion for 2023-24. The People’s Liberation Army, with a growing defense budget and two million soldiers, is the largest military in the world and is rapidly becoming more powerful with the largest spending on modernization of its army, navy and air force.

The Chinese military is headed by President Xi Jinping who is the chairman of the powerful Central Military Commission. Under his leadership, the Chinese military aims to become as modern as the US armed forces in the next few years. Ahead of the NPC session, its spokesperson Wang Chao on Saturday defended China’s defense budget increase, saying the country’s defense spending as a share of GDP is lower than the global average. He said that China’s military modernization will not pose any threat to any country, but will be a positive force to safeguard regional stability and world peace.

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