© Twitter/China National Space AdministrationChina increases defense budget 6.8 percent amid pandemic
China will be increasing its defense budget to 6.8 percent following a year marked by economic struggles and lockdowns due to the coronavirus pandemic.
The Ministry of Finance said Friday at the beginning of the National People's Congress annual meeting that $208 billion will be spent on China's military this year, Bloomberg reported.
This is slightly lower than what some experts predicted as many believed the budget was going to increase by 7 percent or more.
"We will provide stronger financial guarantees to vigorously support the modernization of national defense and the armed forces, and help China's defense capabilities rise in step with its economic strength," said the Ministry of Finance.
Last year, the country could only increase its defense budget by 6.6 percent due to the pandemic, but since China's economy has partially recovered, they were able to up the amount this year.
Some officials in the army will get a 40 percent increase in payout of the budget as China wants to keep its talent as it looks to completely modernize its military in the future and make it stronger, according to Bloomberg.
China is looking to compete with the US on the global scale as tensions rise between the two countries in regards to tensions in the South China Sea, Hong Kong and Taiwan.
Many experts believe that the amount China spends on its defense budget is actually much higher than what China reports.