Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

China's military spending concerning given 'failing economy', US admiral says

Published 04/23/2024, 03:59 AM
Updated 04/23/2024, 04:01 AM
© Reuters. FILE PHOTO: Admiral John C. Aquilino, Commander of the United States Indo-Pacific Command speaks at the IISS Special Lecture in Singapore March 16, 2023. REUTERS/Caroline Chia/File Photo

TOKYO (Reuters) - The increase in China's defence spending is concerning given its economy is "failing", the head of the U.S. Indo-Pacific Command said on Tuesday.

Speaking to reporters in Tokyo, Admiral John Aquilino said China's economy had been battered by turmoil in its real estate sector and asserted that its official growth rates were "not real".

He also said China was spending "drastically more" on its military than the 7.2% increase it declared last month.

"Despite a failing economy, there's a conscious decision to fund military capability. That's concerning to me," said Aquilino, who is due to leave his post next month.

He also criticised China's increasingly aggressive rhetoric and actions in the South and East China Seas, specifically around the disputed Second Thomas Shoal and Taiwan.

"As it applies specifically to Taiwan, I am watching an increasingly aggressive campaign plan of coercion and pressure," he said.

The Chinese foreign ministry did not immediately respond to a Reuters request for comment.

A top Chinese military leader told a gathering of senior foreign naval officials this week that China remains committed to resolving maritime disputes with other countries through dialogue but will not allow itself to be "abused".

Aquilino also labelled North Korean leader Kim Jong Un's regime "disgusting" for spending on its military even as the country has grappled with food shortages.

"This is another regime where every bit of economic advance that they may have despite the sanctions are going towards military capability and not to feeding the North Korean people. That's disgusting," he said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

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.