China defense budget soars by 10.7% amid West’s concern

PanARMENIAN.Net - China will boost its official defense budget by 10.7 percent this year, the latest in a series of hikes in military spending stretching back more than two decades, according to RIA Novosti.

Beijing said on Tuesday, March 5 in a draft budget submitted to the National People’s Congress (NPC) it will boost military spending to Rmb720 billion ($115 billion) in 2013. Last year’s defense budget was $103.6 billion, 11.6 percent more than in 2011.

“The funds will be used to improve the working and living conditions of officers and soldiers in all military units, enhance mechanization and provide IT services to the armed forces in the interest of ensuring national defense security,” the draft budget says.

China’s rising defense spending is causing serious concern in the West and to some of its neighbors. According to some forecasts, its defense spending will reach $238 billion by 2015.