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China increases defence budget to $ 114.3 bln

Other News Materials 5 March 2013 07:41 (UTC +04:00)
China on Tuesday said it planned to raise its defence budget by 10.7 per cent this year, following previous double-digit rises that prompted international concern over the nation's growing military power, dpa reported.
China increases defence budget to $ 114.3 bln

China on Tuesday said it planned to raise its defence budget by 10.7 per cent this year, following previous double-digit rises that prompted international concern over the nation's growing military power, dpa reported.

Military spending was projected at 720 billion yuan (114.3 billion dollars) this year following an increase of 11.6 per cent in actual spending last year, according to the draft budget presented to China's annual parliament this week.

The 3,000-member National People's Congress is scheduled to approve the budget at the end of the 13-day annual session on March 17.

Beijing says it needs the increased funds to modernize its 2.5-million-strong People's Liberation Army.

Foreign politicians and analysts have raised concerns over the speed and transparency of its military expansion.

Some Western critics claim China's real military spending is as much as three times its budget figure.

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