China has set $175 billion defence budget, which is three times higher than India’s defence budget.
In 2017, China’s defence budget was 7 percent of its GDP, and has been in single digit since 2013. But, this year, military spending is the highest in three years. China’s economy, which grew in double-digit for three decades, has slowed down over the years.
China has the world’s largest standing Army and spends the most on defence after the US in the world. President Xi Jinping has vowed to make the Chinese Army a modern force by cutting down its troops.
We have completed the task of reducing the armed by 300,000 troops,” Li said
The two-week Parliament session will be a historic one as the rubber-stamp legislature will remove the two-term cap on the Chinese presidency, giving Xi unfettered power and license to rule until he retires or dies.
The party’s powerful Central Committee in February passed a proposal to remove the two-term cap on Chinese presidency — a move that has startled the world.
China’s revered leader Deng Xiaoping in 1980s had restricted the presidential five-year tenure.