China to increase military spending by 7.2% in 2023

Beijing: China will increase its military spending by 7.2% this year, up to 1,553.7 billion yuan (about $224.8 billion), according to the draft budget published on Sunday.

“National defense spending [will stand at] 1553.7 billion yuan, an increase of 7.2%,” the document, released at the opening of the annual session of the National People’s Congress (NPC), says.