China Announces Military Spending Increase

    China Announces Military Spending Increase
    Photo: npr

    The Facts

    • Chinese Premier Li Keqiang has announced a rise in the nation's military spending by 7.2% and an official GDP growth target of about 5% for 2023. The news opened the Chinese Communist Party-led parliament's annual meeting on Sunday.

    • "China's economy is staging a steady recovery and demonstrating vast potential and momentum for further growth," the outgoing leader said. The gathering of the National People's Congress — which has drawn almost 3K delegates to China's capital Beijing — will take place until the end of the week.


    The Spin

    Pro-China narrative

    Sunday's announcement reflects confidence in the economic recovery of Beijing. China is set to return to its place as one of the fastest-growing major economies globally, despite the downturn expected across the rest of the world.

    Anti-China narrative

    China has shown its hand with a modest growth target, revealing that leaders are aiming to avoid missing their economic goal for a second year running — even if it means less of an overall boost to a flagging global economy. Beijing is making a slow recovery following the politics of COVID.

    Nerd narrative

    There is a 50% chance that China's GDP will be at least 16.1 (trillion constant 2015 international dollars) in 2023, according to the Metaculus prediction community.



    Establishment split

    CRITICAL

    PRO

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