China increases spending on defence, toughens its official stance on Taiwan

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China increases spending on defence, toughens its official stance on Taiwan
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It comes as the global superpower pushes ahead with increased Defence spending, despite flagging economic growth.

Military spending by China is already the world's second-highest behind the United States at 1.6 trillion yuan , roughly mirroring last year's rise.

"We will provide stronger financial guarantees for efforts to modernise our national defence and the armed forces on all fronts and consolidate and enhance integrated national strategies and strategic capabilities," Premier Li Qiang told the assembly of nearly 3000 carefully selected participants, who show overwhelming loyalty to the Communist Party and its leader, Xi Jinping.

The country's continuing ambition is to challenge the US and its allies in Asia including Australia, Japan, South Korea and the Philippines over territorial claims, regional leadership and a bigger say in world affairs. In his address, Li put the GDP growth target at five per cent this year, while acknowledging it would be difficult to achieve.

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