China hikes it’s defence budget to USD 200bn for the first time
Premier Li Keqiang on Friday stated that China has set its annual growth rate for 6% and pointed towards the rapid recovery of the economy after a year of the Pandemic.
Last year, it was the first time, that China didnt forecast its Gross Domestic Product (GDP) in lieu of uncertainty of the businesses and market amidst the pandemic.
In a massive move, China also hiked its defence budget for the first time to more than USD 200 billion.
This is approximately three times more than the defence budget of India. And with this, China’s defence budget becomes one quarter of US defence budget, which is USD 740.5 billion.
Defence minister Premier Li also mentioned about ‘major successes’ of the Chinese armed forces last year. Adding that 60,000 armed forces were mobilised for annual exercises.