New Delhi: A communist country China will spend 7.1 percent more on defense this year, outpacing last year’s hike. Li Keqiang – Premier of the People’s Republic of China pledged to enhance military training and combat readiness for the People’s Liberation Army, which is developing an array of weapons from stealth fighters to aircraft carriers.
According to the media report, The spending figure, set at $229.47 billion (1.45 trillion yuan) in the national budget released on Saturday, is closely watched by China’s neighbors and in Washington as a barometer of how aggressively the country will beef up its military.
On China’s Defense budget, experts said, China is nervous about challenges on several fronts, ranging from Chinese-claimed Taiwan to U.S. naval and air missions in the disputed South China Sea near Chinese-occupied islands and a festering border dispute with India.
Li Keqiang said, “This year, the government would move faster to modernize the military’s logistics and asset management systems and build a modern weaponry and equipment management system.”
“We will continue the reform of national defense and the military and step up innovations in defense science and technology,” he added.
China’s government has set a GDP target of around 5.5 percent for 2022, one of its lowest goals in decades, as the world’s second-largest economy faces Covid-19 cluster outbreaks, property market concerns, and worries over Russia’s Ukraine invasion that’s expected to exert downward pressure on the global economy.