China's defense spending will rise by 7.2% to $230 billion this year, according to information contained in Beijing's national budget, published on Sunday.
Premier Li Keqiang also called on Beijing's armed forces to 'increase combat readiness' as they expand their military capabilities amid tensions with Taiwan.
The 7.2% increase is the sharpest increase in China's defense spending since 2019. It follows increases of 6.8% in 2021 and 6.6% in 2020. In 2019, Asia's leading military power oversaw a 7.5% increase in its defense budget to 1.19 trillion yuan, or about $172 billion. The latest increase is the eighth consecutive single-digit annual increase in Beijing's military budget.
Informing an annual session of parliament with a report prepared by the Ministry of Finance, Li said on Sunday that the spending increase would allow China's military to "coordinate well in fulfilling major tasks."
"Our armed forces, with a focus on the objectives for the centenary of the People's Liberation Army in 2027, should work to conduct military operations, increase combat readiness, and improve military capabilities," he said.
The spending increase will be proportionately higher than the country's overall economic growth of 5%, as China seeks to rebound from sluggish growth throughout the Covid-19 pandemic. Beijing's economy is "establishing a ready recovery and demonstrating great potential and momentum for further growth," Li added.
China should also 'remain committed to an independent foreign policy of peace,' Li said, not mentioning the conflict in Ukraine.
Li also said that the Chinese leadership should promote relations with Taiwan to advance 'peaceful reunification', while also taking 'resolute steps to oppose Taiwan independence'.
