Beijing announced in a government report on Wednesday that China's defense budget— the second-largest military budget in the world, though still far behind that of the United States— will rise by 7.2% in 2025, the same rate of increase as last year.
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According to the government's 2025 budget report, China will allocate 1.7847 trillion yuan (245.7 billion dollars) for defense spending, a sum three times smaller than the U.S. defense budget.
China's military budget has been consistently increasing for decades, in line with the country's economic development.
This announcement comes amid ongoing tensions between Beijing and Washington, and at a time when Europeans are considering a significant increase in defense spending to address the risks associated with the "America First" policy pursued by U.S. President Donald Trump, which Europeans view as a threat to their security.
China asserts that it follows a "defensive" military policy aimed solely at safeguarding its sovereignty.
However, this policy raises concerns that China may seek to invade regions it considers under its sovereignty, with Taiwan being the most prominent example.
Additionally, China pledged on Wednesday to make domestic demand the "primary driver" of its economic growth. The government stated in its report: "We will address the weakness in domestic demand, especially household consumption, as quickly as possible, so that domestic demand becomes the primary driver and cornerstone of economic growth."
Chinese Premier Li Keqiang announced that the country would increase its 2025 budget deficit to 4%, a rare move at a time when the Asian giant is facing an economic slowdown and signs of a trade war with the United States.
Li stated during the annual political meeting in the capital that Beijing will increase the budget deficit ratio relative to the GDP by 1%, to 5.66 trillion yuan (779 billion dollars), an increase of 1.6 trillion yuan from last year's budget.
On Monday, U.S. President Donald Trump signed an order raising additional tariffs on Chinese goods imported into the United States to 20%, starting Tuesday.
On Tuesday, Beijing responded by imposing additional tariffs on a range of U.S. products, including chicken, wheat, corn, and soybeans.
