In world tech news on Sunday, the Ministry of Finance released a draft indicating China plans to boost its defense budget by 7.2% to 1.56 trillion yuan ($230 billion) this year.

According to official data China’s defense budget increased by 7.1% to 1.45 trillion yuan last year, which is higher than the 6.8% growth recorded in 2021 and the 6.6% increase seen in 2020.

The rise in spending comes amid escalating geopolitical tensions and an arms race, However, the budget still remains significantly below the important symbolic threshold of double-digit expansion.

Premier Li Keqiang’s mention on government work released on Sunday did not address the Russia-Ukraine conflict. The report stated that China should uphold an independent foreign policy of peace.

The work report called for “resolute steps to oppose ‘Taiwan independence’” while sticking to Beijing’s call for “peaceful reunification.”

China has recorded its eighth successive year of single-digit growth in military spending, with a current budget of 210 billion euros. This makes China the world’s second-largest military spender, trailing only the United States, which spends four times more on defense.

During the National People’s Congress (NPC), China’s rubber-stamp parliament, an announcement was made regarding the country’s defense budget. However, experts suggest that Beijing underplays its actual defense spending.

Alongside this, the meeting disclosed that China aims to achieve a lowered economic growth target of approximately 5% for this year.

On Sunday Premier Li Keqiang also told delegates while delivering a government work report at the opening of the congress “China’s economy is staging a steady recovery and demonstrating vast potential and momentum for further growth,” 

China is continuing to build more and increasingly better combat aircraft as the air force continues to replace ageing aircraft with considerably more capable types: the Chengdu J-10C and J-20 and the Shenyang J-16 are increasingly at the core of Chinese air power.