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China on Sunday announced a 7.2% increase in its defense budget for the coming year, just .1% higher than in 2022.
That marks the eighth consecutive year of single-digit percentage increases in what is now the world’s second-largest military budget. The 2023 figure was given as 1.55 trillion yuan ($224 billion).
Along with the world’s biggest standing army, China has the world’s largest navy and recently launched its third aircraft carrier.
