China defence spending sees biggest rise in 4 years

March 6, 2023 - 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.

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The national budget, announced at the National People's Congress (NPC), showed 1.55 trillion yuan ($224 billion) allocated to military spending.

China's publicly disclosed defence budget in 2023 is around one quarter of the proposed U.S. spending, but the Pentagon and global arms bodies believe Beijing under-reports the true figure.

Chinese President Xi Jinping is seeking to build a “world-class force” by 2027, a deadline that coincides with the 100th anniversary of the People’s Liberation Army.