Wednesday, March 5, 2014

China 2014 defense budget to grow 12.2%

China's central government will increase defense spending this year to more than 808 billion yuan, or about 131 billion dollars.

That's up more than 12 percent from actual spending last year.

China's defense budget has seen double-digit growth every year since 1989, except in 2010.

The government submitted its draft budget to the National People's Congress on Wednesday. It includes defense spending by the central government only.

The defense budget has no detailed breakdown and is unlikely to include costs for research and development, and equipment from overseas.

The US Defense Department last year estimated China's actual defense spending could be up to twice the official figure released by the Chinese government.

The Chinese government was providing a rough breakdown of spending in its biennial defense report. But it did not do so last year.

International concern is growing about the country's rapid arms buildup.