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China ups 2015 defence budget by 10% — report

March 05, 2015, 16:17 UTC+3 MOSCOW
According to a report, Beijing plans to raise military spending to 886.9 billion yuan (about $142.4 billion), marking the lowest increase in five years
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© AP Photo/Andy Wong

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.

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