Mainland's Military Spending To Rise By 7.1 Percent

China's military budget – the second-largest in the world after the United States – is set to increase by 7.1 percent in 2022, Beijing announced on Saturday.

Some 1.45 trillion yuan (US$230 billion) has been set aside for national defence, according to a government budget report.

The increase is slightly higher than the 6.8 percent rise last year and broadly in line with the general pace of growth in recent years.

It exceeds Beijing's annual GDP growth target of 5.5 percent announced separately by Premier Li Keqiang on Saturday.

During a speech opening the annual session of China's parliament, Li said Beijing would "enhance military training and combat readiness, stay firm and flexible in carrying out military struggle, and safeguard China's sovereignty, security and development interests".

Beijing has poured billions of dollars into defence modernisation in recent years as it aims to transform its huge military into a world-class force rivalling that of the United States and other Western powers.

Beijing's military budget is still far lower than Washington's, which has over US$700 billion earmarked for defence spending for 2022. (AFP)