China raises its military spending to $230 billion, a 7.1% increase from year earlier

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Amid concerns of a possible invasion of Taiwan, China has announced its plan to increase its military budget by almost $230 billion this year, the Daily Mail reports.

Premier Li Keqiang has stated that the funds are intended to “enhance military capabilities and boost combat preparedness,” as he presented a draft budget to the National People’s Congress in Beijing, as reported by the Daily Mail.

The increase in military spending signifies China’s fastest pace of growth in four years and a shift in priorities, as the country moves towards allocating a larger share of its economy towards military expenses.

This marks a departure from a two-decade trend where China had prioritized growth over enhancing its military capabilities.

In 2023, Chinese defense spending is set to increase by 7.2%, equating to $224 billion, significantly surpassing the 5.7% increase in general public expenditure.

The announcement is likely to cause concern for the US government, which has been apprehensive about Beijing’s strategic motives amidst escalating tensions with Taiwan.

Written by staff