China's military budget is set to increase by 7.1% in 2022
Beijing, Mar 05: China today hiked its annual defence budget by 7.1 per cent to USD 230 billion from last year's USD 209 billion.
The Chinese government has proposed the defence budget for the fiscal year 2022 at 1.45 trillion yuan (USD 230 billion), a 7.1 per cent year-on-year increase, state-run China Daily reported quoting the draft budget proposals presented by Premier Li Keqiang to the National People's Congress (NPC), the country's parliament today.
The hike makes China's defence budget over three times that of India's defence budget of 5.25 lakh crore (about USD 70 billion) for 2022.
Last year, China's defence spending for the first time crossed USD 200 billion.
In
2021,
the
defence
budget
grew
by
6.8
per
cent
to
USD
209
billion.
In
his
work
report
presented
to
China's
Parliament,
Chinese
Premier
Li
called
for
"deepening
comprehensive
combat
readiness"
from
the
People's
Liberation
Army
(PLA).
He said the Chinese Army needs to "carry out military struggles in a resolute and flexible manner" to defend the country's sovereignty, security and development interests.
China's increase in this year's defence budget came amid the standoff with India in eastern Ladakh and its increasing political and military tensions with the US.
China has the world's second-largest defence budget after the United States.