Economic & Finance

China Budget aims for 7.2% growth in defence, while 5% for GDP!

China Defence budget allocation for 2023

China plays crucial roles in world affairs including trade and defense, therefore, it is essential to observe its recent budget allocation to different areas like defense. 

According to Global Times, China aims to achieve an annual GDP increase of 5 % this year. This target seems lowest in recent years.  On the other hand, the 2023 draft budget is expected to see 7.2% growth in defense with a rise to 1.5537 trillion yuan (USD 224.79 billion).

Chinese Premier Li Keqiang shared the Government Work Report in the first session of the 14th National People’s Congress on March 5th. 

As per Government Work Report, it is important to prioritize progress with stability. The GDP growth rate of China in 2022 was 3% only. So, for high-end development, it is necessary to prioritize economic stability with coordination and synergy. 

In the Government Work Report, expansion and recovery of consumption have been given due importance. This year’s main priorities include defusion and prevention of major financial and economical risks. And, continue the transition to green development.

The report aims at higher indicators than the previous year. China’s GDP deficit ratio for 2023 is projected at 3%, which is .2% more than last year.  In the same way, the goal is to create 12 million new jobs in urban areas. 

Since 2016, the defense budget of China has been showing a hike for the eighth successive year. It was 6.6 % in 2020, 6.8 in 2021, and 7.1 in 2022. 

As per the Chinese news agency Xinhua of the People’s Republic of China, the country aims to modernize the armed forces and defense by 2035. According to the News Report, China targets to meet the centenary goals of the People’s Liberation Army (PLA) by 2027. 

Thus, it is clear that China aims to focus more on the modernization of defense. At this crucial time, when the world is witnessing a war between Russia and Ukraine, we should be ready for anything at any time. Henceforth, this budget can be a good step for the safety of people in China and other neighboring countries.

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