Beijing : China on Monday announced an 8.1 per cent hike in its defence budget in 2018 to a whopping USD 175 billion, over three times higher than that of India, as an increasingly assertive Beijing focused on the modernisation and reach of the country’s military, amidst simmering disputes with its neighbours.
The announcement of China increasing its military spending comes as President Xi Jinping, the commander-in- chief of the country’s over 2-million-strong armed forces, focuses on cementing his status as the most powerful leader since Chairman Mao Zedong.
The 8.1 per cent increase unveiled on Monday is higher than last year’s budget allocation, when China upped military spending by 7 per cent over the previous year.
According to a budget report to be submitted to the National People’s Congress, China’s parliament, the defence budget in 2018 will be 1.11 trillion yuan ($175 bn).
China last year increased the defence budget to USD 150.5 billion. China is the second largest spender on defence after the US.