World’s second largest military spender China has on Tuesday announced a hike in Chinese defence budget by 7.5 per cent, increasing the funds up to a whopping $177.61 billion, three times that of India’s.
According to TOI news reports, as per the draft budget report, China’s 2019 defence budget will be estimated to about 1.19 trillion yuan i.e., $177.61 billion. The draft report has to be submitted during the opening ceremony of the annual session of Beijing’s parliament, the NPC (National People’s Congress) has said on Tuesday.
Though, the increase in the defence budget is lower than that of 2018’s 8.1 per cent which was amounted to about $175 billion. With this year’s hike, Chinese defence spending has moved closer to $200 billion mark, marking the highest spender over the defence after the United States.
India’s defence budget this year was increased by 6.87 per cent to Rs 3.18 lakh crore against last year’s allocation of Rs 2.98 lakh crore, notwithstanding expectations of a major hike when China and Pakistan were bolstering their military capabilities.
The development had come as China steps up its efforts to state its territorial claims in the disputed South China Sea.
NPC spokesperson Zhang Yesui said the move aimed to “meet the country’s demand in safeguarding national security and military reform with Chinese characteristics”.
Comparing China to other nations, it’s defence budget has accounted for 1.3 per cent of the GDP, while major nations spent about two per cent GDP on their defence, the spokesperson said.
“China remains committed as always to a peaceful path of development and we pursue a defensive national defence policy. China’s limited defence spending is for safeguarding the sovereignty, security and territorial integrity of the country. It is not a threat to other countries,” he said.