China raise defence budget to $224.79 bn, to face 'escalating' threats

New Delhi: China announced the draft defence budget 2023, which will increase the annual defence budget to 1.5537 trillion yuan or US $224.79 billion, an increase of 7.2 per cent, a straight eighth consecutive year increase. China's defence budget grew 7.1% last year to 1.45 trillion yuan.

The Global Times, a Chinese newspaper, said, "It is part of the country's efforts to meet the need of modernizing its national defence to safeguard national sovereignty, territorial integrity and development interests facing fast escalating external threats and instabilities."

The draft defence budget growth was made public in a budget report issued at the opening of the annual session of the National People's Congress (NPC), the country's top legislature, on Sunday.

The Defence growth rate was 6.6 per cent in 2020, 6.8 per cent in 2021 and 7.1 per cent in 2022. China's GDP growth rate in 2022 was 3 per cent, and China has set its GDP growth target at about 5 per cent for 2023.

The Global Times newspaper quoting Xinhua News, added, "China is aiming to achieve the centenary goals of the People's Liberation Army (PLA) by 2027, basically realize the modernization of national defence and the armed forces by 2035, and fully build the armed forces into world-class forces by the mid-21st century, "which marks the 95th anniversary of the PLA."

In 2023, the PLA is expected to commission more advanced warplanes, including J-20 stealth fighter jets and J-16 multirole fighter jets, when legacy J-7 fighter jets are being decommissioned and conduct sea trials for the country's third aircraft carrier, the electromagnetic catapults-equipped Fujian.

Chinese newspapers said, "The significance of national defence modernization has become due to the deteriorating global security situation over the past year, including the Russia-Ukraine conflict and US-China tensions over Taiwan, which saw a series of large-scale military exercises last year.

Many countries worldwide are on military spending sprees in 2023, with the US topping the list with an $817 billion budget for the Pentagon, more than three times that of China. Japan planned a $51 billion defence budget, which is 26.3 percent higher than the previous year.

The United States, Japan and India will closely monitor China's defence budget increase. "China is increasing its efforts to prepare the country with advanced new hardware, including aircraft carriers and stealth fighters.

According to SIPRI, the total global military expenditure increased by 0.7 per cent in real terms in 2021 to reach $2113 billion. The five largest spenders in 2021 were the United States, China, India, the United Kingdom and Russia, accounting for 62% of expenditure.