Beijing: China on Sunday increased its defense budget by 7.2 percent to 1,550 billion yuan (US $ 225 billion). This is the eighth consecutive increase in the defense budget of the communist country. China presented a defense budget of 1,450 billion yuan with an increase of 7.1 percent last year. Defense spending this year has increased to 1,550 billion yuan. However, given the strength of the dollar against the yuan, China’s defense spending this year has come down to around $225 billion, down from last year’s $230 billion, according to the state-run China Daily. This is the eighth year in a row that China has announced a single-digit percentage increase in its military budget.
In his work report presented at the opening session of the National People’s Congress (NPC), outgoing Premier Li Keqiang praised the achievements of the armed forces on the borders. Although he did not directly mention the eastern Ladakh deadlock. It has been said in this report, ‘He campaigned in a firm and flexible manner. He effectively carried out major operations related to border defense, maritime rights protection, anti-terrorism, stability management, disaster rescue and relief, Covid-19 operations, peacekeeping missions, and the security of cargo ships.
The mention of a ‘major border defense operation’ assumes significance in the context of the PLA (People’s Liberation Army, Army of China) offensive in eastern Ladakh in May 2020 along the Line of Actual Control (ALC) with India Is. As a result of this action, a situation of confrontation with India arose. Both sides have held 17 rounds of talks to resolve the conflict and the 18th round is likely to be held soon.
China comes second in the world in terms of the defense budget
China comes second after America among the countries that spend the most on their defense budget. America has presented a defense budget of US $ 816 billion for 2023. In terms of India, China’s defense budget is three times more. India has presented a budget of US $ 72.6 billion for 2023-24. The People’s Liberation Army is the world’s largest army with a growing defense budget and 2 million soldiers and is becoming increasingly powerful with the largest spending on the modernization of its army, navy, and air force.
China defends its increase in the defense budget
The Chinese military is headed by President Xi Jinping, who heads the powerful Central Military Commission. Under his leadership, the Chinese military has set a goal of becoming as modern as the US armed forces in the next few years. Ahead of the NPC session, its spokesperson Wang Chao on Saturday defended the increase in China’s defense budget, saying the country’s defense expenditure as a share of GDP is lower than the global average.
He said that China’s military modernization will not pose any threat to any country, but it will be positive for protecting regional stability and global peace.
