China’s spending on defense to grow 7.2%, fastest pace in 4 years

BLOOMBERG

China said its defense spending would grow by 7.2% this year — the fastest pace since 2019 amid increasing tensions with the US on a range of issues, including Taiwan.
Military expenditure is expected to rise to 1.55 trillion yuan ($225 billion) in 2023, according to the Ministry of Finance’s annual report released on Sunday at the start of the National People’s Congress in Beijing. Spending on the People’s Liberation Army has increased by at least 6.6% each year for the past three decades, keeping pace or often exceeding economic growth, although the figure is far surpassed by the US’s military expenditures.
Chinese President Xi Jinping is seeking to build a “world-class force” by 2027, a deadline that coincides with the 100th anniversary of the People’s Liberation Army. General Mark Milley, chairman of the US Joint Chiefs of Staff, has said Beijing may want to be ready for an invasion of Taiwan by that year, but has also said the PLA won’t be prepared for some time.
The defense figure that China unveils every year is among the few official announcements that offer signs of progress the PLA is making in its revamp.