China continues to increase its defense spending budget with a 7.2% increase in 2023
CNBC quoted the Chinese government's financial report published during the opening session of the National People's Congress on March 5, saying that the country's defense budget in 2023 will increase by 7.2% compared to last year, to 1. 56 trillion yuan ($230 billion).
This is the second consecutive year that China's defense budget has increased by more than 7%, and the eighth consecutive year of single-digit growth amid geopolitical tensions. Last year, China's budget increased by 7.1% to 1.45 trillion yuan, by 6.8% in 2021 and 6.6% in 2020.
"The armed forces need to increase their training and combat readiness on all fronts, develop a new strategic military orientation, devote more effort to training in combat conditions, and coordinate well to strengthen military work in all directions and areas," said the report presented by Chinese Premier Li Keqiang at the meeting.
Regarding the Taiwan issue, Mr. Lee emphasized the "One China" principle, which considers Taiwan an inalienable part of its territory. "We should promote the peaceful development of cross-strait relations and promote China's peaceful reunification," he said.
On the economy, Mr. Li said, the Chinese government set a growth target of about 5% this year. Last year, China's economy grew only 3%, the slowest pace in decades, due to the impact of the Covid-19 pandemic as well as the real estate crisis.
In the report, Mr. Li Keqiang mentioned the need to maintain economic stability, boost consumption, and set a target of creating about 12 million jobs in the city area by 2023. On the other hand, he warned. China's real estate sector still faces many risks.
"We need to prioritize restoring and promoting consumption. The income of urban and rural people needs to be increased through many different channels," Mr. Lee emphasized for the nearly hour-long report. lake.
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