China announced its annual defence budget of RMB 1.45 trillion (approximately $229.6 billion) in March 2022, a 7.1 per cent year-on-year increase over its 2021 budget of RMB 1.36 trillion ($209.2 billion). In 2020, China had increased its defence budget by 6.6 per cent to 1.27 trillion yuan (US$178 billion).
Given China’s priorities of military modernisation, this increase in expenditure is in continuation with the trend of increased spending on equipment acquisition. Given the border tensions with India and the gap in military technology between both the countries, continuing increase in Beijing’s defence expenditure can be detrimental to New Delhi’s interests.
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