China's 2023 defense budget to rise by 7.2 pct, remaining single-digit for 8th year

China's annual defense budget will remain single-digit growth for the eighth year in a row, with an increase of 7.2 percent in 2023, according to a draft budget on Sunday.

The world's second largest economy's planned defense spending will be 1.5537 trillion yuan (about 224.79 billion U.S. dollars) this year, read the report on the draft central and local budgets submitted to the ongoing session of China's national legislature.

The figure for last year was 7.1 percent. (Updated)