Beijing, Mar 5 (PTI) China on Tuesday increased its defence budget by 7.2 per cent to USD 232 billion as it continues with the massive modernisation of its military amid prevailing tensions over Taiwan, the South China Sea, border frictions with India and increasing rivalry with the US.
China, which is the second highest spender on defence after the US, has allocated 1.67 trillion yuan (about USD 232 billion) for defence spending. The US defence budget for the last year amounted to USD 886 billion. The increase in terms of the percentage of China’s defence budget was the same as last year.
China last year hiked its defence budget by 7.2 per cent to 1.55 trillion yuan (about USD 225 billion), marking the eighth consecutive year of increase in its military spending.
Like its previous budgets, this year's defence budget of China was almost three times higher than that of India. India's defence allocation this year amounted to Rs 6,21,541 crore (about USD 74.8 billion).
