China will increase its military budget by 7.1% this year, the finance ministry said today, amid escalating international tensions fueled by Russia’s military invasion of Ukraine.
This percentage is higher than the growth rate of military spending last year (+ 6.8%).
China will get 1.45 trillion with these expenses. yuan ($ 230 billion) the second largest military budget in the world, behind only the US ($ 740 billion in 2022).
The increase in military spending is clearly higher than the projected GDP expansion, which was set today by Prime Minister Li Keqiang to reach 5.5% this year.
Their rise is being announced as tensions have escalated internationally in recent days, following Russia’s intervention in Ukraine, which Beijing has so far refused to condemn, saying it “understands” Moscow’s concerns about its security.
The strengthening of the Chinese army is causing concern and distrust of the countries of the region towards Beijing, especially because there is a constant lack of transparency about what exactly the military budget covers and whether the Chinese military spending is actually higher, as analysts have argued for years.