China will increase defense spending by 7.2% in 2023 amid rising tensions with Taiwan and the US

MADRID, 5 Mar. (EUROPA PRESS) -

China has held this Sunday the annual meeting of the National People's Congress, the highest legislative body of China, in which measures such as an increase in defense spending, the search for unification with Taiwan, or adherence to a policy have been agreed "independent" outside.

The Chinese government has announced that its defense spending will grow 7.2 percent in 2023, the fastest pace since 2019, all amid growing tensions on the island of Taiwan and with the United States.

Military spending, according to the report from the Chinese Ministry of Finance collected by 'Global Times', is expected to increase by 1.5 trillion yuan (211,000 million euros).

"Governments at all levels should firmly support the development of the national defense and the Armed Forces and carry out extensive activities to promote mutual support between the civilian sectors and the Army," Premier Li Keqiang said during his speech. in the legislative session.

The defense spending announcement comes after Chinese President Xi Jinping announced that he would build a "world-class force" by 2027, a time frame that coincides with the 100th anniversary of the People's Liberation Army.

Furthermore, it comes at a time when tensions between Washington and Beijing are on the rise, mainly due to US support for the island of Taiwan and the recent collapse of the allegedly spy balloon over US territory.

The Chinese prime minister has also spoken out against the independence of Taiwan, allowing a "peaceful reunification" with the island.

"As Chinese people on both sides of the Taiwan Strait are one family bound by blood, we should promote economic and cultural exchanges and cooperation, and improve systems and policies that contribute to the well-being of our Taiwanese compatriots," Li stressed during his intervention.

The Chinese Executive has called for progress in the reunification process under the implementation of the so-called one-China principle and "take firm steps to oppose the independence of Taiwan", according to 'South China Morning Post'.

Taiwan is a self-governing democracy and has been considered independent since the 1940s. Beijing rejects official cross-country contacts with Taiwan, considering the island democratic republic part of China.

Days after Beijing presented its peace proposal for a ceasefire in the Ukraine war, Li has detailed that China must adhere to an "independent" and "peaceful" foreign policy.

According to the prime minister, Beijing must seek friendship and cooperation with other countries, promoting its global development and security initiatives with the international community, according to the aforementioned newspaper.

"We must stand firm in seeking an opening-up strategy for mutual benefit. We must continue working to safeguard world peace, contributing to global development and upholding international order."

China will aim for a gross domestic product (GDP) expansion of around 5 percent by 2023, the prime minister has stressed, according to Bloomberg.

In this sense, the Asian giant's GDP grew by only three percent last year, an increase weighed down by three years of restrictions due to COVID-19 and the weakening of exports.

Meanwhile, inflation is forecast to be around 3 percent this year, a forecast similar to that of the previous year, although China finally closed 2022 with inflation of 2 percent.