China has the world's second largest military spender after the US now decided to rise defense budget by 7.5%. This information has been given in the draft budget report presented in the annual session of China's National People's Congress (NPC).
For the year 2019 China has presented an immunity budget of 1.19 trillion yuan (about $ 177.61 billion). Last year, defense spending was set to increase 8.1 percent, in 2017 was set at just 7 percent, and in 2016 it grew 7.6 percent. China, which increased its defence budget in double digits till 2015.
“A proper increase in the defense budget is needed to safeguard national security and transform China’s military with Chinese features,” Zhang Yesui, a spokesman for China’s National People’s Congress, said at a briefing on Monday in Beijing ahead of the start of the annual meeting.
Zhang claimed, "Many big countries spend 2 percent of their GDP on defense, while China spent only 1.3 percent of GDP on defense in 2018."
China's defense budget of 2018 was about $ 175 billion, which was almost three times the defense budget of India. On the other hand, the US Congress approved a massive defense budget of $ 717 billion for the fiscal year 2019.
If talk about India then last yeas India's defense budget was 2.98 lakh crore, while this year it has increased by 6.87 per cent to 3.18 lakh crore.