[Breaking News] China Increases Defense Budget by 6.8% This Year

[Image source=Yonhap News]

[Asia Economy Beijing=Special Correspondent Jo Young-shin] China has decided to increase its defense budget by 6.8% this year.

On the 5th, at the 13th National People's Congress (NPC) plenary session held at the Great Hall of the People in Beijing, the Chinese government decided to set this year's defense budget at 1.3553 trillion yuan (approximately 23.6 billion USD), a 6.8% increase from the previous year.

Bloomberg News described this as "the largest increase in two years amid rising tensions with the United States and major neighboring countries." Last year, the defense budget was increased by 6.6%. On the same day, the Chinese government set this year's economic growth target at over 6%.

Premier Li Keqiang emphasized in his work report, "We plan to strengthen military training and readiness, and establish comprehensive plans to respond to security risks in all regions and situations," adding, "We will expand the military's strategic capabilities to protect the nation's sovereignty, security, and interests."