The Chinese regime will increase its defense budget by 7.2% for this year. (Reuters)

China announced on Sunday that its military budgetthe second in the world after that of UNITED STATESincrease 7.2% in 2023, according to a report which will take stock in the coming days of National People’s Congresswhich opened its annual session this Sunday.

The Asian giant plans to spend 1.5 trillion yuan ($225,000 million) for his defense, which continues to be three times less to the military budget of the North American power.

“Increased defense spending is necessary to meet complex security challenges. It is also necessary (for China) to fulfill its obligations” as a great power, he said. Wang Chaospokesperson for the National People’s Assembly.

Premier Li asked in his address to lawmakers on Sunday. “step up” army training as good as combat readiness » and “innovating in terms of strategic orientations”.

Beijing has set an economic growth target of “approximately 5%for this year, according to the government action report read this Sunday by the outgoing Prime Minister, Li Keqiangat the inauguration of the annual session of parliament.

The Asian giant plans to spend 1,500 billion yuan (225 billion dollars) on its defense, which is still three times less than the military budget of the North American power. (Reuters)
The Asian giant plans to spend 1,500 billion yuan (225 billion dollars) on its defense, which is still three times less than the military budget of the North American power. (Reuters)

The target is in line with analysts’ expectations and follows the line set last year of between 5 and 5.5%, even as the world’s second-largest economy eventually rose 3% after the harsh restrictions and confinements which it has imposed as part of its “zero COVID” policy in the face of the worst waves of infections since the start of the pandemic.

“This year, it is essential to prioritize economic stability and pursue growth while ensuring stabilityurged Li, who recalled that “the foundations for stable growth must (still) be consolidated”.

The Prime Minister specifically referred to issues such as “insufficient demand”, “shaky” expectations of investors and private companiesTHE “fiscal imbalances” of certain local administrations or the “many hidden risks and dangers” in the battered real estate market.

During the opening of the most important political event of the year in the Asian country, Li also reviewed other economic goals as the goal of 3% budget deficitwhich is an increase from the 2.8% target set in 2022.

Beijing has set an economic growth target of
Beijing has set an economic growth target of “about 5 percent” for this year, according to the government action report read by outgoing Premier Li Keqiang on Sunday at the opening of the annual session of parliament. (Reuters)

Other indicators to which the Prime Minister referred were the consumer price index (CPI), the rise of which the authorities seek to limit to around 3%, or the creation of some 12 million jobs in the urban areas to maintain the official unemployment rate there. areas below 5.5%.

These economic data were presented at the opening of the nine-day parliamentary session who must certify The re-election of Xi Jinping as president for five more years. In October, he was already confirmed as head of the Communist Party.

The diet of Xi Jinping It has faced a few pitfalls in recent months, such as protests in late November against its “zero COVID” policy and later a wave of deaths after the maligned public health strategy was abandoned.

(With information from EFE and AFP)

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