China hikes defence budget by 10 per cent to USD 275 billion
Beijing (PTI): China on Thursday hiked its defence budget by a little over 10 per cent to USD 275 billion, about USD 25 billion more than last year as it ramped the modernisation of armed forces to catch up with the US military.
Roughly 1.9 trillion yuan (about USD 275 billion) will be allocated to national defence, Chinese Premier Li Qiang announced in his work report presented to the National People’s Congress (NPC) on Thursday.
The report said China's defence spending remains comparatively modest across key relative indicators, including its share of GDP, per capita defence expenditure, and defence expenditure per military personnel.
Last year China announced a 7.2 per cent increase for its national defence budget to USD 249 billion for 2025 which is a USD 17 billion rise compared to 2024.
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China’s defence spending, only second to that of the US, has been growing over the years putting enormous pressure on India and other neighbouring countries to scale up their defence budgets in the face of economic challenges.
In 2024, China increased its defence budget by 7.2 per cent to about USD 232 billion (1.67 trillion yuan) -- over three times that of India -- as it continues with the massive modernisation of all its armed forces.
China's defence budget figures are viewed with scepticism in the light of massive military modernisation, including building aircraft carriers, rapid construction of advanced naval ships and modern stealth aircraft being carried out at a feverish pitch by the Chinese military.
Meanwhile, China on Thursday lowered its GDP target to 4.5 to 5 per cent for this year in the face of Trump's trade tariff war, the worsening global crisis following the US-Iran war and headwinds in the domestic economy, owing to property market slump and unemployment crisis.
China has been setting a five per cent target for the GDP for the last three years amid growing domestic economic challenges. This year, the target is lowered to 4.5 per cent to 5 for the first time.
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US, Iran may meet again in Islamabad for second round of talks by next week: Report
Islamabad (PTI): Pakistan is engaged in high-level contacts to bring Iran and the US back to the negotiating table and the two sides may meet again in Islamabad for a second round of talks by next week, according to a media report on Tuesday.
The contacts are ongoing for the revival of stalled negotiations between the US and Iran, and talks may be held again before the end of the two-week ceasefire on April 21, The Express Tribune newspaper reported, citing highly placed sources.
They said Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar and Field Marshal Asim Munir are making hectic efforts to ensure the second round of talks, which may end the Gulf war.
In some high-level meetings held in Islamabad, indications have been given to prepare for the next round of talks between the top leadership of the two warring sides, who held the first direct negotiations in 47 years over the weekend.
According to certain sources, the next round of negotiations could take place in Islamabad on Thursday.
However, on the same date, Prime Minister Shehbaz is also scheduled to visit Saudi Arabia at the invitation of Crown Prince Mohammed bin Salman. The prime minister will undertake short visits to Saudi Arabia and Turkey.
After almost six weeks of the West Asia conflict and with less than two hours before US President Donald Trump's deadline for Tehran to reopen the Strait of Hormuz, PM Shehbaz announced on April 8 that both sides had agreed to a two-week ceasefire.
On April 11, a US delegation led by Vice President JD Vance and an Iranian delegation led by Iranian Parliament Speaker Mohammad-Bagher Ghalibaf held a marathon session in Islamabad to find a peaceful resolution of a conflict that started on February 28.
The US and Iran failed to reach an agreement.
On Monday, Prime Minister Shehbaz reaffirmed Pakistan's commitment to playing a key role in promoting lasting peace in the region, while expressing hope that the recent direct talks between the US and Iran would yield positive results.
Chairing an emergency meeting of the cabinet, the prime minister voiced satisfaction over progress in the negotiations and said Pakistan remained optimistic about a constructive outcome.
The prime minister said the Islamabad talks helped dispel the clouds of war hovering over the region and created prospects for peace amid global economic uncertainty.
He added that throughout history, agreements such as the Oslo Accords, Geneva Accords and Good Friday Agreement had taken years to materialise, but Pakistan's efforts facilitated a breakthrough dialogue between two adversaries.
The federal cabinet on Monday also unanimously passed a resolution to pay tribute to the country's leadership for bringing the two sides together and ending nearly half a century of deadlock, and expressed hope that these sincere efforts would lead to lasting peace worldwide.
