China's Defence Budget Surge: Catching Up with Global Military Powers
China has raised its defence budget to USD 275 billion, marking a significant increase as it modernizes its military to rival the US. The budget allocation is revealed in Premier Li Qiang's report to the National People's Congress, amid ongoing scrutiny from neighboring countries and global observers.
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On Thursday, China announced a substantial increase in its defence budget, reaching USD 275 billion. This represents an increase of around USD 25 billion from the previous year as the nation accelerates its military modernization efforts to match the US.
Premier Li Qiang highlighted the allocation of roughly 1.9 trillion yuan for national defence in his presentation to the National People's Congress. Despite the large figure, China's defence spending ratios remain modest when compared internationally, considering GDP share, per capita defence expenditure, and expenditure per military personnel.
This uptrend in China's military budget, second only to the US, has triggered concern among neighboring countries including India, forcing them to reassess their own defence spending amidst economic pressures. In the previous year, China had already announced a 7.2% increase in its defence expenditures. This budget is scrutinized for driving extensive military modernization projects such as constructing aircraft carriers, advanced navy vessels, and stealth aircraft.
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