china military budget

china military budget

China has boosted military budget and defense spending this year by 7.2% to 1.56 trillion yuan ($230 billion), according to a draft issued on Sunday by the Ministry of Finance.

The amount China spent on military in 2019 increased by 7.5% to 1.19 trillion yuan. According to official statistics, China’s defense spending increased by 7.1% last year to 1.45 trillion yuan, outpacing growth of 6.8% in 2021 and 6.6% in 2020.

Premier Li Keqiang made no mention of the Russia-Ukraine conflict in a separate briefing Sunday regarding government activities. The study recommended maintaining our dedication to a self-sufficient, pro-peace foreign policy.

china military budget
china military budget

The increase in China’s defense spending signals a divergence between its military and economic advancement, reversing a more than two-decade trend in which the development of the country’s military lagged behind economic prosperity.

In 2023, China‘s military expenditures will increase at its quickest rate in four years and outperform other categories of investment, highlighting Beijing’s shift away from development and toward security.

According to a draft budget given to the National People’s Congress, the nation’s rubber-stamp legislature, defense spending would rise by 7.2% in 2023, well outpacing the increase in general government spending of 5.7%.

“China’s economy is staging a steady recovery and exhibiting great potential and momentum for further expansion,” departing Premier Li Keqiang told delegates while giving a government work report at the beginning of the congress on Sunday.

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China’s military expenditures and Russia’s military readiness to face the West

Reports that China is increasing military spending by an alarming 7% this year while warning about threats and the visit by Russia’s defense minister to Russian troops shows how a new world order is taking shape.

china military budget
china military budget

This is not the “world order” that was proposed in the 1990s by then-US president George H.W. Bush. It’s not necessarily a new order that will replace the US-led world order that dominated in the 1990s. However, it is a world order that will be now stretching its wings, like an animal that has been slumbering.

What this means is that, if in the last decades, there was discussion about US-China or US-Russia competition, today it is clear what is taking place. The chips are down, in a sense. That means China no longer pretends that it is going to just be an economic power, quietly moving into the vacuum left by what it sees as a declining Western power in Asia, Africa and the Americas. Now China will be more assertive.

Synopsis: Military budget of China

The percentage of China’s overall budget designated for supporting its armed forces is known as the military budget.

china military budget
china military budget

Source Wikipedia

The upkeep of buildings and equipment, support for new or current operations, and the research and acquisition of new weapons, equipment, and vehicles are all covered by the military budget. Employee wages and training expenses are also covered.

Every March, China announces a single total number for national military spending as part of its annual state budget.