Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

China vows to use market forces to boost defence capabilities

Published 21/07/2016, 13:52
© Reuters. Chinese President Xi Jinping makes a speech at the celebration of the 95th anniversary of the founding of the Communist Party of China at the Great Hall of the People in Beijing

BEIJING (Reuters) - China said on Thursday it would leverage its economy to boost defence capabilities, acknowledging shortcomings with long-held aims to inject more market forces into the development of its military.

President Xi Jinping has set great store on military modernisation, including developing an ocean-going "blue water" navy, stealth jets and other advanced technologies to better defend China's growing global interests.

Officials have said China needs to put more emphasis on developing its military-industrial complex to ensure powerful armed forces.

China must use the market to optimise military resource allocation and actively direct economic and social sector investment, the State Council, or cabinet, said in a directive issued by state media.

"Work to resolve and restrict systemic obstacles, structural contradictions and policy problems in the fused development of economic and national defence construction," it said, adding that China would push mixed-ownership reform pilot programmes.

China must deepen civil-military fusion, it said, pointing to problems with "a lag in thinking and shortcomings to top-level plans" and unified administrative efforts.

Beijing's defence budget of 954.35 billion yuan ($142.98 billion) announced in March is just a quarter of the $573-billion budget of the U.S. Defense Department for 2016, but comes at a time of rising concern over China's intentions in territorial disputes.

China's military plans have shaken nerves around Asia and alarmed Washington, though it says it has no hostile intent and has a genuine need to upgrade outmoded forces to ensure the security of what is now the world's second-largest economy.

Despite efforts to rapidly upgrade military hardware, China faces a major challenge in integrating complex and disparate systems across its command structure.

© Reuters. Chinese President Xi Jinping makes a speech at the celebration of the 95th anniversary of the founding of the Communist Party of China at the Great Hall of the People in Beijing

Xi, who is also chairman of the Central Military Commission which runs the military, has vowed to cut troop numbers, battled entrenched corruption in the ranks, and pushed plans for a joint operational command structure by 2020.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.