TSAMTO, March 6. China in 2023 will increase the military budget by 7.2%, to 1553.7 billion. yuan (about $224.8 billion at the current exchange rate). This, as RIA Novosti reports, is stated in the draft budget published on March 5.
"National defense expenditures (will amount to) 1553.7 billion. yuan with an increase of 7.2%," reads the document published at the opening of the annual session of the National People's Congress (NPC).
Wang Chao, the official representative of the first session of the 14th National People's Congress, said at a press conference on March 4 that China is increasing its defense budget based on the need to respond to complex security challenges and fulfill the obligations of a large country. According to him, the modernization of China's armed forces will not pose a threat to any country in the world, the agency notes.
As RIA Novosti reminds, the military budget of the People's Republic of China ranks second in the world in terms of volume after the United States. According to the draft budget for 2022, China planned to increase the military budget to 1.45 trillion. yuan ($209.9 billion), increasing military spending by 7.1% year-on-year. This trend causes concern and criticism of other states, but the Chinese authorities say that the country's military spending is appropriate, and they will maintain moderate and stable growth in accordance with the economic development of the country.
The first session of the National People's Congress (NPC) of the 14th convocation - the country's highest legislative body – opened in Beijing on March 5 and will last until March 13. About 3 thousand delegates from all over the country are taking part in the session, and in the coming days they should determine the main direction of legislative and economic work for the coming year, as well as elect a new leadership of the People's Republic of China, the agency reports.
