China will raise military spending by more than 7% this year while cautioning against “escalating” threats. It was announced at the National People’s Congress (NPC), a rubber-stamp parliament, which is due to confirm President Xi Jinping’s third term.
Beijing’s military budget is around $225bn while the U.S. is still overtopped by that Beijing’s fund, which is four times greater. But analysts consider China downplays how much it spends on defense. Outgoing Premier Li Keqiang told the NPC that “exterior attempts to suppress and contain China are escalating”. He added that the armed forces should intensify military training and preparedness across the board.
It was also announced at the meeting that China would seek a less financial increase target of about 5% this year. The Two Sessions, as the meetings are known, are an annual affair.
But this year’s sessions are specifically important as delegates are expected to reshape several key Communist Party and state institutions. This week’s NPC meeting will also regularize Mr. Xi’s leadership of the country, as he will be elected president of China and head of the armed forces.
He reserved his place in the echelons of Chinese power in October last year, when the Communist Party re-elected him as their leader for a third term. The increase in military spending comes as Mr. Xi is navigating worsening relations with the US over the Ukraine war and the current spy balloon tale, even as he warms his embrace of Russian leader Vladimir Putin.
US officials have also repeatedly warned that China may invade Taiwan in the coming years. China has held ever-growing displays of military force in the air and seas around Taiwan, including the firing of ballistic missiles. China sees self-ruled Taiwan as a breakaway province that will ultimately be under Beijing’s control.
