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Wednesday
December 2018
5:48 PM IST
News Headlines
Aussies will fight back, but India has upper hand: Ghavri        World Tour Finals: Tough road ahead for Sindhu; Sameer too eyes knockout berth        Govt should consider 100% FDI in multi-brand retail trade: CII report        Shaktikanta Das named new RBI Governor        Khashoggi, other journalists named Time 'Person of the Year'        May tours Europe in desperate bid to save Brexit deal        Three policemen killed in Shopian by terrorists; weapons snatched        13 of 19 Rajasthan ministers lose elections; CM Vasundhara Raje retains her seat        Clear message to Modi that People are unhappy and it is time for change: Rahul on poll results        Cong leads in R'than, Chhattisgarh and MP; TRS races ahead in Telangana, MNF in Mizoram        Shakhtar prepare for home match 700 kilometres from home        AC Milan let Inter off the hook with Torino stalemate        Sensex cracks over 550 pts; Nifty drops below 10,600        Trump's potential next chief of staff pick leaving White House        UK PM faces fight for her political life in Brexit deal        BJP mocks Oppn meet, asks them to reveal PM candidate's name        RBI Governor Urjit Patel makes loud noise with silent exit        RLSP chief Upendra Kushwaha resigns from Union council of ministers        1st Test: India in cruise control as Australia reduced to 104/4 chasing 323        Over 16000 runners take part in Pune Half Marathon        
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International News
China increases defence budget
 
(Beijing, Mar 5, 2018): China today announced a 8.1 per cent hike in its defence expenditure for this year to a whopping USD 175 billion, which is over three times higher than India's defence budget, as it seeks to further advance an ambitious modernisation drive for its military.

The 8.1% increase is higher than last year's announcement, when China upped military spending by 7% over the previous year.

According to a budget report to be submitted to the National People's Congress (NPC) today, the 2018 defence budget will be 1.11 trillion yuan (USD 175 billion).

China last year increased the defence budget to USD 150.5 billion. China is the second largest spender on defence after the US. The Pentagon has requested a budget of USD 686 billion in 2019, up USD 80 billion from 2017.

The increase of China's defence budget by 8.1 per cent this year, is three times higher than India's latest defence budget of about USD 46 billion.

China's budget announcement comes as President Xi Jinping, the commander in chief of the country's armed forces, focuses on increasing both the sophistication and reach of the country's military.

Though China announced its military spending at about USD 150.5 billion last year, observers say it is considerably higher, considering it is now building two more aircraft carriers in addition to the one already in service as well as addition of new jet fighters, including stealth fighter J-20.

The Chinese Navy also expanded its global reach with flotilla ships sailing through the far-off oceans to expand China's influence.

The official media justified the increase to USD 175 billion, saying although slightly higher than the previous two years, the growth rate is the third time to dip into the single digit since 2013, following 7.6 per cent in 2016 and 7 per cent in 2017.

China's defence budget takes up a smaller share of its gross domestic product (GDP) and national fiscal expenditure compared with other major countries, Zhang Yesui, the spokesperson of the NPC told the media here yesterday.

Its military spending per capita is also lower than other major countries, Zhang said.

"A large part of the growth of the defence budget is to make up for the low military spending in the past and is mainly used to upgrade equipment and improve the welfare of servicemen and women and the living and training conditions of grassroots troops," he said.(PTI)


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