China's defense budget will increase by 6.6 percent in 2020 year-on-year and total 1.27 trillion yuan ($178.8 billion), according to the country's 2020 draft budget published on Friday
BEIJING (Pakistan Point News / Sputnik - 22nd May, 2020) China's defense budget will increase by 6.6 percent in 2020 year-on-year and total 1.27 trillion Yuan ($178.8 billion), according to the country's 2020 draft budget published on Friday.
"The national defense spending will amount to 1.268 trillion yuan, an increase of 6.6 percent [compared to 2019]," the document, pending approval by the Chinese National People's Congress, read.
China boasts the world's second-largest defense spending after the United States, which it increases annually. In 2019, China's defense expenditures grew by 7.5 percent year-on-year to $177.6 billion. While the growing numbers often raise concerns internationally, the Chinese authorities defend the appropriateness of its military spending, saying it is in line with its economic development.
