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China defense spending to rise by 7.1% in 2022, says finance ministry

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Xi Jinping, the Chinese president, inspects troops at a parade held on October 1, 2019 to commemorate the 70th anniversary of China’s founding of the People’s Republic of China. The event was in Beijing, China.

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BEIJING — China’s defense spending this year is set to grow at its fastest pace since 2019, according to the Ministry of Finance plan released Saturday.

Official data shows that defense spending will increase by 7.1%, to 1.45 trillion Yuan ($230.16billion), this year. This is faster than the 6.8% rise in 2021, and 6.6% in 2020.

China increased its defense spending by 7.5% to 1.19 Trillion Yuan in 2019.

The finance ministry stated that the total central government spending for the public general budget is expected to increase by 14.3% to 13.40 Trillion yuan in the coming year.

“We’ll move quicker to modernize military logistics and asset and management systems and build modern weaponry management and equipment management systems.” Chinese Premier Li Keqiang said in a separate annual government work report released Saturday,According to an English-language official version.

Li continued to make statements regarding military development and foreign policies that were consistent with the 2021 statement. He declared that China would continue its independent foreign policy for peace.

Li failed to mention major foreign countries in her government work report.

The total U.S. defense budget for 2022It came in at just below $770 billion. This is a 2% increase over last year.

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