The spending increase outpaces targeted economic growth of around 5%, which is slightly below last year's target as the world's second-largest economy faces domestic headwinds.
In monetary terms, China`s 2022 defence spending is CNY1.45045 trillion (USD229.39 billion). Indeed, the budget revealed on 5 March confirms a continuing rebound in expenditure. Last year, China increased spending by 6.8 per cent to CNY1.355 trillion (USD209.4 billion).
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