China To Increase Military Spending By 7.2% In 2023 - Draft Budget

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.

The document specifies that China's national defense spending in 2022 amounted to 1,449.963 billion yuan (about $209.9 billion).

China's spending on foreign policy will grow by 12.2% in 2023, while spending on public security will go up by 6.4%, according to the draft budget.

The document points to the need to promote the modernization of national defense and armed forces, enhance the state power in the field of defense science and technology, support the creation of stronger national defense capabilities and a more powerful military.

China will fight resolutely against "Taiwan independence" this year and will promote the country's reunification, according to the social and economic development plan published on Sunday.