China ramps up military spending — and it’s now nearly four times India’s outlay
- Earlier today, the Chinese government predicted that its economy would grow in the range of 6-6.5% in 2019, a decline over the 6.6% growth it posted in 2018.
- Concurrently, the Chinese government plans to hike defence spending by 7.5%.
- The spending hike will take China’s
militarybudget this year to 1.19 trillion yuan ($177.5 billion).
Concurrently, the Chinese government plans to hike defence spending by a higher rate - at 7.5%. According to the Chinese government, this is a “reasonable and appropriate” increase in light of national security interests and military reforms.
While this is a slower rate than last year’s 8.1% hike, it still represents a considerable jump over growth and overall spending estimates. The spending hike will take China’s military
To put this number into perspective,
In turn, China’s defence spending is a quarter of the US government’s planned outlay. The Trump administration has backed a defence budget of $750 billion for 2019.
China’s increased military spending this decade (2011-2015 had seen double-digit hikes in China’s defence budget) to bolster its
The country does not provide a breakdown on where its defence spending goes, which has further riled neighbours like Japan, who, like India, boosted its own military budget to counter China’s territorial incursions in Asian waters.
To understand why China's looking so ugly, you've got to look at what happened to Chinese consumers
AdvertisementIndia is beefing up its navy to counter China's increasingly powerful fleet
India overtakes China to become the world’s fastest growing economy in Q1 2018
Popular on BI
- Billionaire investor Mark Mobius says he's been able to get his money out of China, but investing in the country is still a 'dilemma' amid national security laws
- The Carnival cruise passenger who went overboard and remains missing was on his first cruise and it became his 'happy place,' his fiancée said
- Elon Musk told Chinese Tesla workers in a late night speech that their hard work 'warms my heart' — 6 weeks after some complained about bonus cuts
- Major train accidents that India witnessed in last 15 years
- Odisha rail crash: Rescuers try to raise buried coach, death toll at 238
- Largest road networks in the world – India beats China to take the second spot
- Manoj Bajpayee joins the league of on-screen lawyers like Pankaj Tripathi, Shriya Pilgaonkar & more
- List of famous things to buy in Lonavala