China increases defense spending by 7.2% - Defense budget reaches $245 billion by 2025
China increased defense spending by 7.2% this year, the same growth rate as the previous two years, as Beijing seeks to "firmly safeguard" national security.
In an official government report to be released to parliament, China proposed a national defense budget of $245 billion for fiscal year 2025.
The increased defense budget, well above China's economic growth target for this year of about 5%, comes as Western governments seek to increase military spending to bolster their security.
The European Union announced a few days ago that it would mobilize up to 800 billion euros to support Ukraine amid Russia's invasion. The move followed reports that the US had abruptly cut off military aid to Ukraine.
China budgeted a 7.2% increase in defense spending last year, the same growth rate as the year before. A spokesman for the 14th National People's Congress told reporters that "peace must be maintained by force."
China's military costs as a share of GDP have been kept below 1.5% for many years, he said, adding that this spending rate is lower than the global average.
Beijing remains the world's second-largest military spender after the US, which has set its military budget for 2025 at $850 billion.
The Chinese government stressed that it still favors a peaceful resolution of the Taiwan issue, but "resolutely opposes" those who defend its formal independence.
Meanwhile, Taiwan, which has strong ties with the US, has said it is planning to increase military spending in the face of "the rapidly changing international situation and escalating threats from adversaries."
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