The defense budget was presented on the sidelines of the annual National People’s Congress, which opened in China on Sunday.
Premier Li Keqiang says in his report that a number of “major achievements” in national defense and military development have made China’s army a “more modernized and capable fighting force”.
“The armed forces should intensify military training and readiness across the board,” he says.
The world’s largest army
With two million soldiers in the People’s Liberation Army, the country already has the world’s largest standing army and the world’s largest navy, with nuclear-powered submarines. A third Chinese aircraft carrier was recently launched and on top of this comes a massive inventory of robots, fighter jets and bombers capable of handling nuclear weapons.
The country is also investing in naval bases abroad and already has one completed in Djibouti and one under construction in Cambodia, from which it can quickly get out into the disputed sea areas of the South China Sea, according to the AP.
29th year in a row
It is the 29th year in a row that China’s defense budget has increased. Last year’s expansion was 7.1 percent, while the economy only grew by 3 percent.
“The increase in defense spending is needed to deal with the complex security challenges and for China to fulfill its responsibilities as a major country,” said Wang Chao, spokesman for the Chinese parliament, at a press briefing on Saturday ahead of the National People’s Congress.
China’s defense spending still pales in comparison to the United States, which has allocated over $800 billion this year, equivalent to SEK 8.4 trillion. However, many defense analysts believe that China is spending more than the officially announced amounts.
According to the World Bank, China spent 1.7 percent of the country’s GDP on defense in 2021, which can be compared to the United States’ 3.5 percent, according to the AP.
Corrected: In an earlier version, there was an incorrect statement about how many years the expenses increased.