TAIPEI (TVBS News) — China's Ministry of Finance announced Tuesday that the country's defense budget for this year is set at 1.67 trillion yuan (US$231 billion), equivalent to NT$7.32 trillion, marking a 7.2% increase from the previous year. This amount is about 12 times greater than Taiwan's defense budget of NT$606.8 billion.
Despite these numbers, Lou Qinjian, spokesperson for the National People's Congress, said China's defense spending is relatively low compared to military powers like the United States, in terms of GDP percentage and national fiscal expenditure share.
Japanese media TBS reported that, despite economic uncertainties, China's 7.2% increase in military spending indicates a plan to boost its military capabilities.
However, the Global Times, a state-run newspaper, described China's defense expenditure as moderate, reasonable, and restrained.
Chang Ching, a senior research fellow at the Society for Strategic Studies, noted that the global increase in armaments is a common phenomenon. "Global inflation has forced many countries to increase procurement costs, requiring additional funds and expanded budgets," Ching stated.
Bloomberg News reported that the U.S. plans to significantly raise its defense budget next year, continuing substantial investments in weapons procurement and R&D amid inflation and geopolitical challenges.
