China's defense budget maintains single-digit growth for six consecutive years

The Guard of Honor of the Chinese People's Liberation Army (PLA) take part in the military parade marking the 75th anniversary of the victory in the Great Patriotic War on Red Square in Moscow, Russia, June 24, 2020. (Xinhua/Evgeny Sinitsyn)

BEIJING, March 5 (Xinhua) -- China's annual defense budget will maintain single-digit growth for a sixth consecutive year by increasing 6.8 percent in 2021, according to a draft budget report made public on Friday.

This year's planned defense spending will be about 1.35 trillion yuan (about 209 billion U.S. dollars), read the draft submitted to the fourth session of the 13th National People's Congress for deliberation.

China's defense budget is about one quarter of the U.S. figure, which is 740.5 billion U.S. dollars for the 2021 fiscal year.

As the world' second largest economy and the most populous country, China's planned defense spending per capita in 2021 will be less than 1,000 yuan.

China applies strict mechanisms of fiscal allocation and budget management on its defense expenditure, which is mainly assigned to personnel, training and sustainment, and equipment.

China has voluntarily cut its armed forces by over 4 million troops since 1978, according to a white paper released in 2019.