News Snapshot:
BEIJING — China's defense spending this year is set to grow at its fastest pace since 2019, according to the Ministry of Finance plan released Saturday. Defense spending will rise by 7.1% to 1.45 trillion yuan ($230.16 billion) this year, faster than the 6.8% increase in 2021 and 6.6% climb in 2020, according to official data. China's defense spending rose by 7.5% in 2019 to 1.19 trillion yuan. Total central government expenditures for the general public budget are expected to rise by 14.3% to 13.40 trillion yuan this year, the finance ministry said. "We will move faster to modernize the...
