China to hike defence budget by 7% amid rising global security\ntensions<\/p>\n
China\u2019s defence outlays are closely watched as a barometer of\nBeijing\u2019s strategic priorities as it presses ahead with military\nmodernisation.<\/p>\n
BEIJING: China will raise its defence budget for the year by 7 per\ncent, a slight dip from last year\u2019s 7.2 per cent increase amid strategic\nrivalry with the United States, tensions in the Taiwan Strait and a\nwidening conflict in the Middle East.<\/p>\n
The pot will grow to 1.91 trillion yuan (US$276.9 billion), according\nto a draft budget report seen by CNA on Thursday (Mar 5). The document\nis set to be released shortly when Chinese Premier Li Qiang delivers the\ngovernment work report at the opening session of the National People\u2019s\nCongress (NPC).<\/p>\n
The figure marks the 11th consecutive year of single-digit growth in\nthe national military budget. China has raised its annual defence budget\nby 7.2 per cent for the past three years.<\/p>\n
The topline figure is released annually at the Two Sessions, which\ncomprise the NPC gathering and the meeting of the country\u2019s top\npolitical advisory body. This year\u2019s meetings come as China begins\nimplementing its 15th Five-Year Plan, which will shape economic strategy\nthrough 2030.<\/p>\n
China\u2019s defence outlays are closely watched as a barometer of\nBeijing\u2019s strategic priorities amid sustained tensions in the Taiwan\nStrait and the South China Sea, as well as intensifying Sino-US\ncompetition.<\/p>\n
The escalating conflict in the Middle East - which is testing China\u2019s\noil security and Gulf partnerships - has further heightened global\nsecurity concerns.<\/p>\n
While Beijing maintains that its military spending is defensive in\nnature and remains far below that of Washington, analysts track the\nannual increase as a signal of the pace and direction of the People\u2019s\nLiberation Army\u2019s modernisation drive.<\/p>\n
China has pledged to complete the modernisation of its armed forces\nby 2035 and build a \u201cworld-class\u201d military by mid-century.<\/p>\n
The drive has also unfolded alongside a sweeping anti-corruption\ncampaign in the armed forces that has ensnared a growing number of\nsenior commanders.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/china-to-hike-defence-budget-by-7-amid-rising-global-security-tensions-1772672196", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }