BEIJING: China has increased its defense spending by 7.1 percent in the current fiscal. This brings China’s defense spending to $ 230 billion (approximately $ 17.57 trillion) this year. Last year it was 209 billion (15.97 trillion). China’s defense defense is more than three times that of India. India’s share of the defense sector in the current financial year is only 70 billion (5,25,166 crore). Last year, India’s defense allocation was Rs 5,02,884 crore. This is an increase of 4.4 per cent over last year’s defense allocation. 22284 crore increase.
Following the Russian occupation of Ukraine, Germany doubled its defense budget. China is next in line to sharply increase its defense spending. In 2021, China increased its defense spending to 6.8 percent. The budget was presented by Li Keqiang, the second prime minister of the Communist Party at the National People’s Congress (NPC). India is taking China’s sharp defense spending seriously. China is also the second largest spender on defense after the US.
It is also noteworthy that the increase in defense spending is in line with President Xi Jinping’s announced policy of increasing Chinese military influence and arms stockpiles. China’s increase in defense allocation is notable in the midst of intense disputes with various countries over the South China Sea and borders with neighboring countries, including India. China’s announcement comes amid concerns that more countries may increase their defense budgets following the Russian occupation of Ukraine.
Political observers have pointed out that the Ukraine war could lead to a multi-fold increase in the world’s defense budget, and thus nominal government intervention in the health and education sectors. Top political leaders have also expressed concern that Chinese President Xi Jinping, who has publicly expressed his desire for a “united China” with Taiwan, could seek to invade Taiwan.
English Summary: China defence budget to grow 7.1 percent in 2022