China raises defense budget by 7.2% as it pushes for global heft and regional tensions continue
China is increasing its defense budget by 7.2% this year, similar to last year's rise
BEIJING — BEIJING (AP) — China on Tuesday announced a 7.2% increase in its defense budget, which is already the world’s second-highest behind the United States at 1.6 trillion yuan ($222 billion), roughly mirroring last year's rise.
Tensions with the U.S., Taiwan, Japan and neighbors with competing claims to the crucial South China Sea are seen as furthering growth in high-tech military technologies from stealth fighters to aircraft carriers and a growing arsenal of nuclear weapons.
The official budget figure announced Tuesday at the opening of the legislature's annual meeting is considered only a fraction of spending by the People’s Liberation Army, the military wing of the ruling Communist Party, once spending on research and development and foreign weapons purchases are considered.
“We will provide stronger financial guarantees for efforts to modernize our national defense and the armed forces on all fronts and consolidate and enhance integrated national strategies and strategic capabilities,” Premier Li Qiang told the assembly of nearly 3,000 carefully selected participants, who show overwhelming loyalty to the Communist Party and its leader, Xi Jinping.
China's defense budget has more than doubled since 2015, even as the country's economic growth rate has slowed considerably. However, the country's continuing ambition is to challenge the U.S. and its allies in Asia including Japan, South Korea, the Philippines and Australia over territorial claims, regional leadership and a bigger say in world affairs.
Its defense budget grew by double-digit percentage figures for much of the 2000s but began to slow as the formerly booming
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