Plan to raise annual defense budget by 7%

China plans to raise its annual defense budget by 7.1 percent to 1.45 trillion yuan ($230 billion) for the 2022 fiscal year, its seventh-straight year of single-digit growth, according to a draft budget plan unveiled on March 5.

The figures were included in the report prepared by the Ministry of Finance and distributed to legislators attending the fifth session of the 13th National People’s Congress.

If approved by lawmakers, the proposed expenditure will mark the return of a 7-plus percentage increase after slightly lower increases in 2020 and 2021.

The 2021 defense budget was proposed at 1.35 trillion yuan, up 6.8 percent year-on-year.

The 2020 defense budget was set at 1.27 trillion yuan, up 6.6 percent —the lowest rate of increase since 1988.