China has the world’s second-largest defense budget after the U.S., allowing it to maintain the largest standing military, with 3 million personnel and an arsenal of advanced weaponry, including two aircraft carriers with more on the way, stealth fighters, an advanced missile force and nuclear-powered submarines. This year’s increase exceeds the 6.8% boost from last year, showing China’s determination to maintain the drive to expand and modernize its armed forces despite high levels of government debt and a slowing economy, partly as a result of the coronavirus pandemic.
By contrast, the U.S. increased defense spending by about 2% this year to $768.2 billion.
