China Increases Defense Budget By 6.8% For 2021

Newztezz Online March 05, 2021 World,

China Has Set Its Annual Economic Growth Rate Above 6% For 2021. Premier Li Keqiang Said On Friday That The World's Second-Largest Economy Was Battered Last Year By The Kovid-19 Epidemic, Which Is Showing Signs Of Rapid Recovery This Year.

For The First Time In Decades Last Year, China Did Not Predict Its Gross Domestic Product (GDP) Growth Due To Local And Global Economic Uncertainties. "China Has Set A Growth Rate Of More Than 6% For This Year As A General Target," Li Said In His 2021 Work Report. He Read It At The Inaugural Session Of The Great Hall Of The People, The National People's Congress Of China (NPC), The Parliament Of China.

"In Setting This Goal, We Have Taken Into Account The Recovery Of Economic Activity," Lee Said. China's GDP Expanded 2.3% Last Year, Being The Only Major Economy To See Growth.

According To The Draft Budget Report, China's Annual Defense Budget Will Maintain Growth For The Sixth Consecutive Year, With A 6.8% Increase In 2021. For The First Time, China's Official Defense Budget Has Crossed The $ 200 Billion Mark.

"This Year's Planned Defense Spending Will Be About 1.35 Trillion Yuan ($ 209 Billion)," The News Agency Xinhua Reported. China's Defense Budget Is A Quarter Of That Of The US, Which Is $ 740.5 Billion For The 2021 Fiscal Year.

Last Month, India Increased Its Defense Spending By About 1%. India's Military Spending Rose To Rs 3.47 Trillion ($ 47.4 Billion), Up From 3.43 Trillion In The Previous Fiscal. India's Spending On Defense Is Less Than A Quarter Of That Of China.

Lee Said That This Year The Government Will Strengthen The Armed Forces Through "Reform, Science And Technology And Training Of Capable Personnel". The Government Will "Fully Implement Xi Jinping's Thinking On Strengthening The Armed Forces And Ensuring Military Strategy For The New Era And The Party's Full Leadership On The Armed Forces Of The People."

State Media Showed Li Saying That China Had Accomplished The Major Goals And Tasks Of The 13th Fiscal Year And Made A Huge Effort Towards The Rejuvenation Of The Chinese Nation. The Country's GDP Has Increased From Less Than 70 Trillion Yuan ($ 10.8 Trillion) To Over 100 Trillion Yuan. The Entire Rural Poor Population Of The Country, 55.75 Million, Has Been Driven Out Of Extreme Poverty. More Than 60 Million Urban Jobs Were Added And The World's Largest Social Security System Was Established.