China will increase defense costs by 7.2% in 2025

On Wednesday, China increased defense costs by 7.2% this year, and Beijing increased the same growth rate in two years.

In a formal government report to be released in parliament, China offered 1.78 trillion yen ($ 244.99 billion dollars) for the financial year.

The growing defense budget comes for about 5% of China for this year, Western governments, to reach military spending to ensure their security.

The European Union declared On Tuesday, Russia can mobilize 800 billion euros ($ 841 billion) to raise support to Ukraine in full-scale occupation. The action was reported to be US suddenly paused Military assistance to Ukraine.

Chinese budgeted 7.2% increase in defense spending 1.67 trillion yuan last year, the same growth rate the previous year. Pecks had spent 7.1% in 2022 According to official data, 6.8% in 2021.

Asked about China’s defense costs on Tuesday, Lou Ginjian, spokesman for the third session of the 14th National People’s Congress, “peace must be strengthened peacefully,” journalists.

According to the official translation of Mandarin-language records.

China’s defense costs were less than 1.5 percent, Lou, as the share of GDP, Lou said that this expenditure rate is below the global average.

China remains the second largest military country in the world, which sets a military budget for $ 850 billion for 2025.

Separately, the expenses provided for public safety this year increased by 7.3%, the official statement showed a sharp increase compared to 1.4% last year.

– CNBC’s Sam Meredith helped this report.