China's defense budget for 2023 will grow by 7,2%, according to the Global Times on March 5.

China has unveiled a draft budget for 2023, according to which the country's defense spending will increase to 1,5537 trillion yuan ($224,79 billion).

As the article says, the 7,2% increase in the defense budget can be considered moderate, like all consecutive increases in the Chinese defense industry for eight years in a row. "Analysts say the figure marks a prudent and subdued rise as many other countries in the world's military spending rise in light of global security tensions," writes the Global Times.

The next increase in China's defense budget is associated with the consistent implementation of long-term plans for the modernization of the PLA, growing threats in the world, further optimization of the COVID-19 policy, which stimulates economic growth, as well as the intensification of military-diplomatic activities.