Apr 25 2024: China recently reiterated the accuracy and transparency of its economic data and defended its military spending as “transparent and reasonable.” This response comes after comments made by U.S. Admiral John Aquilino, head of the U.S. Indo-Pacific Command, questioning China’s economic stability and growth figures.
In March, China announced a 7.2% increase in defense spending, amounting to 1.55 trillion yuan ($214 billion) for the year. This growth rate slightly exceeded the previous year’s increase and surpassed the government’s economic growth forecast.
Aquilino’s remarks highlighted concerns about China’s economic health, particularly citing the significant defense spending hike amidst what he termed a “failing” economy.
In response, China’s foreign ministry defended its economic reporting practices, stating that the country’s economic data release has always been transparent and reliable, earning recognition from various authoritative international financial institutions. These institutions, including the Asian Development Bank, Goldman Sachs, and Morgan Stanley, have adjusted their growth expectations upward following China’s first-quarter economic performance.
Regarding defense spending, China emphasized its openness and adherence to international transparency standards. It participates actively in the United Nations military expenditure transparency system, submitting timely reports on military expenditures. China justified its increased defense budget as necessary to address security challenges, protect its legitimate interests, fulfill its international responsibilities as a major power, and compared it to the United States’ position as the top global military spender.
The ministry also criticized the United States for alleged double standards in military expenditure assessment, pointing out discrepancies between the two countries’ spending despite the U.S. being the largest military spender globally.
($1=7.2467 Chinese yuan renminbi)