fredag 5. mars 2021

China boosts defense spending by 6.8% amid debt, pandemic

China is increasing its defense spending by 6.8% in 2021 as it works to maintain a robust upgrading of the armed forces despite high government debt and the impact of the coronavirus pandemic. A national budget report issued Friday said China would spend 1.355 trillion yuan ($210 billion) on defense in the coming year.

That’s up from 1.3 trillion yuan ($180 billion) last year representing a 6.6% boost, the lowest percentage increase in at least two decades. The military budget has dipped during periods of slower economic growth, but has also been dropping steadily from the double-digit percentage increases over years as the increasingly powerful military matures and rapid expansion of what is already the world’s second largest defense budget is no longer required.