[China Two Sessions] This Year's Defense Budget Up 7.2%... "Strengthening Combat Readiness"

China has decided to increase its defense budget by 7.2% compared to last year.

On the 5th, the Ministry of Finance of China announced in the annual budget report presented at the National People's Congress (NPC) held at the Great Hall of the People in Beijing that the defense expenditure for this year is set at 1.5537 trillion yuan (approximately 293 trillion won), a 7.2% increase from last year. This figure slightly exceeds the 7.1% increase rate of the defense budget in 2022. Accordingly, China will continue its single-digit annual defense budget growth rate this year since 2016.

[Image source=Yonhap News]

Premier Li Keqiang also emphasized strengthening military capabilities in his work report at the opening ceremony of the NPC, stating, "To achieve the goal of the 100th anniversary of the founding of the People's Liberation Army in 2027, we must enhance combat readiness and strengthen military capabilities to fulfill the tasks entrusted by the Party and the people."

Premier Li further added, "We need to strengthen military training and preparedness, develop new military strategic guidelines, and invest more skills in combat training," and "We must firmly integrate national strategy and capabilities and enhance capabilities in defense-related science, technology, and industrial sectors."

This content was produced with the assistance of AI translation services.