Beijing: China on Sunday hiked its defence budget by 7.2 per cent, marginally higher than last year, to 1.55 trillion yuan (about USD 224 billion),
Beijing: China on Sunday hiked its defence budget by 7.2 per cent, marginally higher than last year, to 1.55 trillion yuan (about USD 224 billion), marking the eighth consecutive year of increase in its military spending.
China last year pegged its defence budget at 1.45 trillion yuan, a 7.1 per cent increase. This year the defence spending is increased to 1.55 trillion yuan.
However, in view of the appreciation of the dollar against the yuan, this year’s defence spending of China totalled about USD 224 billion compared to last year’s USD 230 billion.
This is the eighth consecutive year that China has announced a single-digit percentage point increase in its military budget.
In his work report presented to the opening session of the National People’s Congress the country’s rubber-stamp parliament – outgoing Premier Li Keqiang called for the armed forces to boost combat preparedness.
China’s armed forces, with a focus on the goals for the centenary of the People’s Liberation Army (PLA) in 2027, should work to carry out military operations, boost combat preparedness and enhance military capabilities so as to accomplish the tasks entrusted to them by the CPC (Chinese Communist Party ) and the people, Li said.
