Friday, June 25, 2021

China will increase its defense budget by 6.8% by 2021

New Delhi: China has set its annual economic growth rate in 2021 at more than 6%. Premier Li Keqiang said on Friday that the world’s second largest economy was hit by the Kovid-19 epidemic last year and this year is showing signs of rapid recovery.

Due to local and global economic uncertainties, China failed to forecast its gross domestic product (GDP) growth for the first time in decades last year. Li Keqiang said in his 2021 work report: “China has set this year’s growth rate to an overall goal of over 6%.” He was at the opening ceremony of the Great Hall of the People, the National People’s Congress (NPC) and the Chinese Parliament. Read the paper.

Li said: “In formulating this goal, we considered the recovery of economic activity.” Last year, China’s GDP grew by 2.3%, making it the only major economy to achieve growth.

According to the draft budget report, China’s annual defense budget will continue to grow for the sixth consecutive year, and will grow by 6.8% by 2021. For the first time, China’s official defense budget surpassed the $200 billion mark.

Xinhua News Agency reported: “This year’s defense spending plan is about 1.35 trillion yuan ($209 billion).” China’s defense budget is a quarter of that of the United States, that is, the defense budget for fiscal 2021 is $740.5 billion.

Last month, India’s defense spending increased by about 1%. India’s military spending increased from 3.43 trillion rupees in the previous fiscal year to 3.47 trillion rupees (47.4 billion U.S. dollars). India’s defense expenditure is less than a quarter of China’s.

Li Zhaoxing said that this year the government will strengthen army building through “reforms, science and technology, and personnel training.” The government will “fully implement Xi Jinping’s thinking on strengthening the armed forces and ensuring the military strategy in the new period and the party’s overall leadership over the people’s armed forces.”

The official media told Li Peng that China has completed its main goals and tasks for the 13th fiscal year and has made great efforts for the revival of the Chinese nation. The country’s gross domestic product has grown from less than 70 trillion yuan (10.8 trillion US dollars) to more than 100 trillion yuan. The country has 55.75 million people living in poverty in rural areas, and has already shaken off extreme poverty. More than 60 million urban jobs have been added, and the world’s largest social security system has been established.

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