Military spending concerns dismissed
Print Edition
FINANCE Minister Xiao Jie yesterday shrugged off concerns over China’s military transparency, saying there was no “opacity” in the country’s defense budget.
“Let me be very clear, there is no such thing as opacity in China’s military spending,” Xiao said on the sidelines of the country’s annual parliamentary session.
China’s defense budgets used to be included in a report on the draft central and local budgets submitted to lawmakers for review and approval during the National People’s Congress session. This year, however, the report available to media made no mention of the exact figure.
“We made some new changes in the way we compiled the files,” Xiao said.
The minister explained that the defense budget, along with the budgets for foreign affairs and public security, was included in a draft budget submitted to lawmakers.
A finance ministry official told Xinhua on Monday that the defense budget this year would stand at 1.04 trillion yuan (US$152 billion), up 7 percent year on year.
Xiao, who was speaking at a press conference, also reiterated confidence in controlling debt risks despite some irregularities in local governments’ financing activities.
“China’s government debt risks are generally within control,” he said.
By the end of last year, combined debt of central and local governments in China stood at 27.33 trillion yuan, with the debt-to-GDP ratio at around 36.7 percent. Xiao added there would not be big changes in the ratio this year. The deficit-to-GDP ratio would stay unchanged from last year.
Compared to international levels, the relatively low ratio allowed room for the government to further raise debt, Xiao said.
Acknowledging the existence of illegal debt-raising practices by some local governments, he vowed to take further steps to contain debt growth.
China’s fiscal deficit target this year was proactive and prudent, Xiao said.
Fiscal deficit this year is projected to be 3 percent of GDP, or 2.38 trillion yuan, according to a government work report delivered by Premier Li Keqiang on Sunday.
“China’s government debt ratio is relatively low compared with other countries, which leaves enough leeway for further adjustment,” he said.
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