China to Increase Defense Budget by 7.2% in 2025

By Staff, Agencies

China's 14^th National People's Congress opens its third session, announcing a 7.2% increase in China’s defense budget and setting a 5% economic growth target for 2025.

According to state media. the 14th National People's Congress [NPC], China's national legislature, began its third session on Wednesday with Beijing announcing a 7.2% increase in the country’s defense budget this year.

A draft budget report submitted for review outlined defense spending at 1.784665 trillion yuan [around $249 billion].

The opening session, held at the Great Hall of the People in Beijing, was attended by President Xi Jinping and other officials. Lawmakers also examined a government work report delivered by Premier Li Qiang.

The session also included a review of a State Council report on the implementation of the 2024 national economic and social development plan, as well as the draft plan for 2025. That said, the work report revealed that Beijing has set a 5% economic growth target for 2025.

The report outlined several key goals for this year, including maintaining an urban unemployment rate of around 5.5%, taking a people-centered approach and placing a stronger economic policy focus on improving living standards and boosting consumer spending."

The report stated that domestic demand will be the primary driver and anchor of economic growth.