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China is raising its defense spending by 7.1% in 2022, making this the most significant increase since 2019. This is higher than its projected economic growth at 5.5.%. (https://www.cnbc.com/2022/03/05/china-defense-spending-to-rise-by-7point1percent-in-2022-says-finance-ministry.html)
The impact of the Ukraine crisis is evident from Chinese Premier Li Keqiang's statement to the National People's Congress that "external environment has become increasingly volatile and grave…This year we will fully implement Xi Jinping's thinking on strengthening the defence forces and the military strategy for the new era."
Li was in no doubt where the increased spending will go when he said that it would go on "enhanced military training and combat readiness" to carry out "military struggle" and safeguard China's sovereignty and security. (https://www.voanews.com/a/china-boosts-military-spending-amid-ukraine-uncertainties/6471773.html) The media reports from China say that in 2022 China may launch its third aircraft carrier and also increase the production of its J-20 stealth fighter jet.
Researchers following China's rise in defense and other areas say that it is likely to increase its defense spending more than its economic growth rate in the coming years as its economy is projected to grow at an average rate of 5% through 2025. (https://www.rand.org/pubs/research_briefs/RB162.html)
According to state media, "US military's provocative" warship transits in the Taiwan Straits, alleged reconnaissance missions with spy planes and "warship intrusions into Chinese territorial waters." It has also cited the appearance of German, French and UK warships in the South China Sea as a reason. The Quad security alliance comprising US, Australia, Japan and India in the Indo-Pacific region has also been cited as one of the reasons for the increase. (https://www.globaltimes.cn/page/202203/1253877.shtml)
But China has been quick to point out that it is nowhere near the U.S.'s budget, which is $768 billion. China claims that its defense spending is only 1/16th that of the US on a per capita basis. (http://www.xinhuanet.com/english/20220305/e044f80401f5401daa8a188d7eed7a55/c.html) According to estimates, China's military spending is far higher than its neighbors. For instance, it is greater than the combined expenditure of India, Russia, Japan, South Korea, and Taiwan in 2019. (https://www.csis.org/analysis/understanding-chinas-2021-defense-budget)
Read more:
China's defense budget:
https://www.globaltimes.cn/page/202203/1254011.shtml
Understanding China's Military Spending:
https://nationalinterest.org/feature/understanding-china%E2%80%99s-military-spending-195106