China will raise defense spending by 7.1% in 2022, faster than last year

Chinese President Xi Jinping inspects troops during a parade on October 1, 2019, to celebrate the 70th Anniversary of the founding of the People’s Republic of China at Tiananmen Square in 1949, in Beijing, China.

China's defense spending this year is set to grow at its fastest pace since the beginning of the year, according to the Ministry of Finance plan.

According to official data, defense spending will increase by 7.1% this year, faster than the previous two years.

China's defense spending rose in 2019.

The finance ministry said that the total central government expenditures for the general public budget are expected to go up by 14.3% this year.

The Chinese premier said in a separate annual government work report that they will move faster to build a modern weaponry and equipment management system.

Li's statements about military development and foreign policy were in line with those of 2021. He said that China will continue to pursue an independent foreign policy.

The government work report did not include any mention of other countries.

The total defense budget for the U.S. is $770 billion, up 2% from last year.