By: Jianli Yang – May 6, 2021
Amidst growing territorial disputes with its neighbors and military tensions with the United States, China has projected defense expenditure growth of 6.8% this year.
This allocation is the sharpest increase since 2019 and the third yearly increase during the last decade. President Xi Jinping has already vowed to make the People’s Liberation Army the strongest military globally, and this spending reflects that goal. Moreover, this increased spending highlights the consequences of its continued territorial aggression and hardened military posture. After making the world suffer due to its inept handling of the COVID-19 pandemic, the Chinese economy is witnessing a recovery, even as the rest of the world is reeling from the recession.
According to the new figures from the Chinese Ministry of Finance, unveiled in early March, before the beginning of the annual National People’s Congress meeting in Beijing, military spending is expected to be close to $208 billion (1.35 trillion yuan) in 2021. In 2020, the spending was $209.16 billion (1.268 trillion yuan)…. [Continue Reading]