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MOSCOW, 5 March. /TASS/. China announced on Thursday that its national defense budget will grow 10.1% in the coming year.
According to a report released shortly before the annual session of the National People's Congress (NPC), the country’s legislature, Beijing plans to raise military spending to 886.9 billion yuan (about $142.4 billion), marking the lowest increase in five years.
Last year's defense budget rose 12.2% to more than $130 billion, official data showed.
Analysts explain a notable slowing of military spending in recent years by the country’s transition to a new model of economic development, shifting from rapid, double-digit growth to a more moderate pace, they say.