Financial News
CGTN: A powerful Chinese military contributes to global stability
China is the world’s second largest economy, and it has put a portion of its resources into developing its military capability. Since 2016, China’s military budget growth has remained in the range of 6.6 percent and 8.1 percent, recording a seven-year average of 7.2 percent. China’s investment in its military capability commensurate with its pursuit of a national defense policy that is defensive in nature.
China’s military spending has remained at a relatively low level in terms of its share in GDP. According to statistics from the Stockholm International Peace Research Institute, China’s defense expenditure accounted for 1.7 percent of its GDP. For Saudi Arabia, the United States, India and the United Kingdom, the percentages were 8.4 percent, 3.7 percent, 2.9 percent and 2.2 percent respectively. The difference is more salient in regards to per capita terms. China has a population, which is four times that of the U.S., but its overall military expenditure is only a quarter of its American counterpart.
The People’s Liberation Army is not only charged with the responsibility to defend China’s homeland security but also plays a prominent role in safeguarding world peace in the age of globalization. China is a major financial contributor to the UN peacekeeping budget and the biggest provider of troops among permanent members of the UN Security Council for the UN peacekeeping force. Over the past three decades, China has participated in more than 20 UN peacekeeping operations. It has more than 2,200 peacekeepers deployed on UN missions in seven mission areas and at the UN headquarters. The country has also completed its registration of a UN standby peacekeeping force comprising of 8,000 troops.
Traditional Chinese wisdom holds that those who prefer to wage wars will perish, and those who forget wars will be in danger. A country needs a powerful military before it can truly be strong and secure and that a country must build fortified national defense and a strong military commensurate with its international standing and its security and development interests.
China’s military capability has made significant development over the past decades.
Over the course, China’s armed forces have transformed from a backward military that could barely stage a decent parade on the founding ceremony of the People’s Republic of China in 1949 to one that is modernized and has made significant strides in all aspects of national defense.
Since its first aircraft carrier fleet was commissioned on September 25, 2012, two more aircraft carriers were launched, including the domestically designed and built Fujian in 2022, China’s first aircraft carrier featuring catapults. In this day and age, peace and development stand at a critical historical juncture as the world heads into a new era of instabilities and transformations. A more powerful Chinese military can make greater contributions to the preservation of world peace. A peaceful, stable, unified and prosperous China presents opportunities and benefits for the world.
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