China is set to replace Japan as the second-largest financial contributor for U.N. peacekeeping operations in the next budget year, according to estimates by the United Nations.

China, which currently ranks sixth by providing 6.64 percent of the U.N. peacekeeping budget, is expected to provide a 10.29 percent share in the year starting next July, behind only the United States with a projected 28.57 percent contribution.

Japan's contribution will drop from 10.83 percent to 9.68 percent, making it the third most generous donor, ahead of Germany and France in fourth and fifth places.