The Chinese government announced Monday that it will raise defense spending by 8.1 percent in 2018 in a continued effort to expand its military capabilities.
Among its goals, China is seeking to build a second aircraft carrier, use stealth fighter planes, and obtain additional missiles capable of hitting long-range targets, the Associated Press reports.
A report regarding the $173 billion budget was read by Premier Li Keqiang to the ceremonial National People’s Congress.
"We will stick to the Chinese path in strengthening our armed forces, advance all aspects of military training and war preparedness," Premier Li Keqiang said as he read a report to nearly 3,000 delegates at the Great Hall of the People.
The armed forces will "firmly and resolutely safeguard national sovereignty, security and development interests," Li said.
China has the world’s largest military by number of personnel, but Li said the country had "basically completed" the target of reducing the size of the armed forces by 300,000 troops. That would leave the People’s Liberation Army’s strength at around 2 million troops.
After years of double-digit percentage growth, China's defense budget is the second largest in the world after the United States'. While a spokesman for the Chinese legislature said China’s defense spending as a share of GDP and the budget remains lower than that of other major nations, analysts don’t consider China’s publicly announced defense spending to be the full story. Analysts note defense equipment projects account for a significant "off book" expenditures.
China's military growth also includes the development of anti-satellite missiles, nuclear attack submarines, and its aircraft carrier capabilities.
Military commentator Song Zhongping said most of the new funds will go to raise living standards for service members, increase training, and prepare for potential crises on the Korean Peninsula, the border with India, in the South China Sea, or in the Taiwan Strait.
As China works to grow its military influence in the Pacific Ocean and around the world, one of the most pertinent concerns for neighboring countries is China's construction of artificial islands and military bases in the South China Sea. China has claimed the area as its own while the United States views it as international waters.