China’s defense budget is the second largest after the US’s $850 billion budget, with a 7.2% increase to $249 billion in the current fiscal year budget. The US has imposed an additional 10% tax on goods imported from China, increasing to 10-20%, and up to 15% on agricultural and food products imported from the US. The Chinese government has set a target of 5% economic growth for the current fiscal year, aiming to increase foreign trade and investment.
China increases its defense budget while its economic growth rate rises by 5%
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