URGENT: China's military spending to rise 7.1% on year in 2022

Politics Economy

China said Saturday that it will increase its military spending in 2022 to 1.45 trillion yuan ($229 billion), a 7.1 percent increase from last year, in a report delivered at the annual session of its parliament. The rate of growth was faster than the 6.8 percent year-on-year rise in 2021. In another report mapping out policy directions for 2022, China acknowledged that the country's economy has been facing downward pressure, while pledging to take measures to facilitate the healthy development of the real estate sector. China also expressed resolve to strengthen restrictions to contain the spr...

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