The sleeping giant continues to make moves in its sleep – China is set to increase defense spending by 7.2% to 1.56 trillion yuan, ($230 billion), according to a draft released Sunday by the Ministry of Finance.
China’s budget spending over the years, according to official data:
- 7.2% increase in 2023
- 7.1% increase in 2022 to 1.45 trillion yuan
- 6.8% increase in 2021
- 6.6.% increase in 2020
- 7.5% increase in 2019 to 1.19 trillion yuan
China’s Ministry of Finance announced the new influx of cash in its annual report on Sunday.
The spending increase comes as the United States warns of a potential Chinese invasion of Taiwan in the near future. U.S. officials have also warned China against sending lethal aid to support Russia’s invasion of Ukraine.
According to a Sunday report, China Premier Li Kaqiang stated, “We should stay committed to an independent foreign policy of peace.” They made no mention of the war between Russia and Ukraine.
The communist regime continues to show unspoken and tense relations with the United States, a lack of progress in bringing Taiwan under its control peacefully, and a host of international conflicts Beijing regards as threatening to its interests.
Taiwan is a democratically ruled self-governed island that Beijing claims is part of its territory.
The report called for “resolute steps to oppose Taiwan’s independence’” while sticking to Beijing’s call for “peaceful reunification.”
“If from Beijing’s perspective, the threat environment increases or remains the same, we will see the defense budget and growth decouple for good,” said Meia Nouwens, an expert on the Chinese military at the International Institute for Strategic Studies in London. “I think we will see it decouple more in the future.”
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