China projected defense spending growth of 7.1% this year, the fastest pace since 2019 as President Joe Biden moves to strengthen the United States' position in the Indo-Pacific region.
Military expenditure is expected to rise to 1.45 trillion yuan ($229 billion) in the coming year. The figure was released Saturday in the Ministry of Finance’s annual report at the start of the National People’s Congress in Beijing. A Bloomberg calculation of the latest numbers shows spending for this year will actually rise 7%.
"Government at all levels must give strong support to the development of national defense and the armed forces, so unity between the military and government and between the military and the people will remain rock solid,” Premier Li Keqiang said in the government’s annual work report.
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