🇨🇳 China Defense Spending to Rise 7.2%, Fastest Pace in 4 Years
China said its defense spending would grow by 7.2% this year — the fastest pace since 2019 amid increasing tensions with the US on a range of issues, including Taiwan. Military expenditure is expected to rise to 1.55 trillion yuan ($225 billion) in 2023, according to the Ministry of Finance’s annual report released Sunday at the start of the National People’s Congress in Beijing.
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China said its defense spending would grow by 7.2% this year — the fastest pace since 2019 amid increasing tensions with the US on a range of issues, including Taiwan. Military expenditure is expected to rise to 1.55 trillion yuan ($225 billion) in 2023, according to the Ministry of Finance’s annual report released Sunday at the start of the National People’s Congress in Beijing.
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Oracle Corp. reported quarterly sales in line with analysts’ estimates after its cloud business failed to meet expectations for higher growth. The shares declined in extended trading. Fiscal third-quarter revenue increased 18% to $12.4 billion, just short of analysts’ average estimate of $12.41 billion, according to data compiled by Bloomberg.
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