In 2017, China will increase defense spending by 7%, the military budget will be approximately 1.3% of GDP, said the official representative of the Supreme legislative body of the country of vsekitajsky meeting of national representatives (vsnp) Fu Ying, according to Reuters. The final decision will be made during the annual session of the national people’s Congress, which will begin on Sunday 5 March.
According to the Agency, China’s military budget in 2016 amounted to more than 954 billion yuan ($138 billion), taking into account the planned growth in 2017 it will exceed trillion yuan. At the same time, the Agency notes that the official figures do not reflect the real cost of the defense, which is actually much higher than the official figures.
The growth of military spending in the DPRK for the second consecutive year will be below 10% (in 2016 to 7.6%), previously for several years, defense spending has grown at a rate exceeding 10% per year.
As previously mentioned , in 2015 the growth of the military budget was planned at the level of 10%, in 2014 it increased by 12.2%. The growth in defense spending in 2013 was 10.7%, in 2012 they increased by 11.2% and in 2011 by 12.7%.
China’s military budget in absolute terms is the second largest in the world, conceding on this indicator only the USA. The administration of President Donald trump has proposed to increase military spending by 10% to $603 billion next year.