In U.S. dollars, China’s budget now sits at $230 billion, up nearly $16 billion from its budget in 2022.
China’s Ministry of Finance announced the new infusion of cash in its annual report on Sunday.
The spending increase comes as the U.S. warns of a potential Chinese invasion of Taiwan in the near future. U.S. officials have also warned China against sending lethal aid to support Russia’s invasion of Ukraine.
Despite the increase, U.S. military spending still dwarfs China’s. America’s military is engaged in efforts across the globe, including the supply of weapons for defending Ukraine.
Nevertheless, China’s budget increase follows a year of unprecedented tension between China and the U.S. and Taiwan.
Nevertheless, China’s budget increase follows a year of unprecedented tension between China and the U.S. and Taiwan.
CIA Director William Burns stated last month that Chinese President Xi Jinping has ordered his military to be ready to invade Taiwan by 2027.
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