12 March 2015
China will be allotting around US$145 billion as budget for its military spending in 2015. The amount was a 10 percent jump from a year ago, a looming figure even as the country’s growth is projected to slow down in the same year, at just seven percent. Part of the amount could be spent to further improve the new light killer tank it has reportedly built, dubbed the ZTQ.
In an annual report to China’s parliament, the National People’s Congress, Premier Li Keqiang said it was imperative for the country to step up national defence research that will lead to the development of new- and high-technology weapons and equipment. “We will comprehensively strengthen modern logistics and develop defence-related science and technology industries.” The budget allocation is seen to possibly acquire or pour research investments into hi-tech equipment, including submarines and stealth jets, the BBC said.
China had been setting aside ample amounts for its defence budget. In fact, it is known as the world’s second-largest military spender, next to the United States. Only that experts had been particularly picking on the country’s planned military expenditure for 2015. Richard A. Bitzinger, of the S. Rajaratnam School of International Studies at Nanyang Technological University in Singapore, told New York Times that China’s increases on its defence budget had always outperformed its GDP growth.
“But this is the first time when the gap could be really, really big,” Bitzinger said. He noted that if the economy fails to reach the targeted seven percent, but proceeded with the targeted military spending, “it demonstrates that the Chinese leadership is committed to increasing defence spending, no matter what.” In 2014, China said its budget for military spending was to be at $132 billion, a 12.2 percent jump over 2013.
IDSS / Online
Last updated on 23/11/2015