China boosts defence spending

China will raise defence spending by 7.2 percent to 1.55 trillion yuan ($224 billion) in 2023, amid increasing tensions with the U.S. on a range of issues, including Taiwan


CHINA’S PUBLICLY DISCLOSED DEFENCE BUDGET (billion yuan)

2023 defence budget is around one quarter of proposed U.S. spending, but Pentagon and global arms bodies believe Beijing under-reports true figure


										Growth rate
										27%
										24%	
										21%
										18%
										15% 
										12%
										9%
808  	887  	954	1,044 	1,107	1,190	1,268 	1,355	1,450	1,554 	6%
12.2 	10.1 	7.6  	7.0  	8.1  	7.5  	6.6  	6.8  	7.1  	7.2	3%
2014 	2015 	2016 	2017 	2018 	2019 	2020 	2021 	2022 	2023	0%
        									
2023: Spending to grow by 7.2% – fastest pace since 2019

             
Sources: Bloomberg, Global Times, SIPRI 
Picture: Getty Images 
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