International News Desk
According to Ug News Europe,China will increase defense spending in 2023 compared to last year.Ug News Europe reports that the country’s Prime Minister Li Kiqiang said in the draft budget submitted to the Chinese People’s Congress (CNC) that defense spending will increase by 7.2 percent and reach 1.55 trillion yuan (about 220 billion dollars).China has increased its defense spending by 7.1 percent to 1.45 trillion yuan in 2022.According to the exchange rate of that year, 1.45 trillion yuan was calculated as 230 billion dollars. Despite the increase this year, there appears to be a loss of about $10 billion (6 percent) in the budget compared to last year.
It should be noted that China is the country that spends the most money on defense after the United States.At the end of last year, the US Congress approved 800 billion dollars in defense spending for the 2023 fiscal year.The defense budget increased by 4.3 percent compared to the previous year.
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