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China's Defence Spending to Grow by 7.5% to $177.6Bln in 2019 - Draft Budget

© REUTERS / Stringer / Helicopters and armoured vehicles participate in the military parade to commemorate the 90th anniversary of the foundation of the China's People's Liberation Army (PLA) at Zhurihe military training base in Inner Mongolia Autonomous Region, China, July 30, 2017
Helicopters and armoured vehicles participate in the military parade to commemorate the 90th anniversary of the foundation of the China's People's Liberation Army (PLA) at Zhurihe military training base in Inner Mongolia Autonomous Region, China, July 30, 2017 - Sputnik International
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BEIJING (Sputnik) - China's defence spending will grow by 7.5 percent to 1.19 trillion yuan ($177.6 billion) in 2019, according to the country's draft budget.

China boasts the world's second-largest defence spending after the United States.

Soldiers of China's People's Liberation Army (PLA) get ready for the military parade to commemorate the 90th anniversary of the foundation of the army at Zhurihe military training base in Inner Mongolia Autonomous Region, China, July 30, 2017 - Sputnik International
Xi Signs Order to Boost China’s 2 Mln Army Training Efficiency – Report
In 2018, Beijing expected to boost defence expenditures by 8.1 percent year-on-year. In 2017, China’s military spending grew by only 7 percent, which was the slowest growth rate in seven years.

READ MORE: China's GDP Growth to Slow Down to 6-6.5% in 2019 from 6.6% in 2018

China released the country's social and economic development plan on Tuesday.

Last year, the Chinese government announced a near 10% increase in their military budget for 2018. Chinese state media defended the decision, saying it is part of a modernization program, calling the increase "proportionate and low."

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