China plans to increase defense spending by 6.8% in 2021, second highest in the world
Figures released by China's Ministry of Finance today (March 5) show that this year, the country's defense spending is expected to increase by 6.8%, 0.2 percentage points higher than in 2020.
This figure was given in the draft budget report submitted to the 4th Session of the 13th National People's Congress of China for approval this morning (March 5).
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| Chinese military. Photo: Sputnik |
With this increase, China's defense budget this year will be more than 1,355 billion yuan (about 209 billion USD), an increase of 6.8%. In 2020, due to the impact of the Covid-19 epidemic, this expense increased by only 6.6%.
With a 6.8% increase, China's defense budget reached the second highest level in the world, but was less than one-third of the US's $740 billion military spending.
Mr. Zhang Yesui, the spokesperson of the National People's Congress of China last night (March 4), emphasized that the increase in the country's defense budget is generally "in harmony" with economic development. China's maintenance of a moderate and stable growth rate in defense spending is to protect national security sovereignty, development interests, fulfill international obligations, and is in line with the needs of China's unique military reform.
In an effort to modernize its military, from 2016 to 2020, China's defense budget increased by 7.6%, 7%, 8.1%, 7.5% and 6.6%, respectively. The Chinese military's goal is to build a "fully modernized" force by 2027 and a "world-leading military" by mid-century./.
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