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China announces 12.2% increase in military budget

In 2013, China's defence budget increased by 10.7% over the previous year

Edward Wong  |  Beijing 

China announced on Wednesday that it would increase its military budget for 2014 to almost $132 billion, a 12.2 per cent rise over last year. The rapid growth in defence spending is another sign of the country's goal of becoming a dominant military presence in the Pacific, with a navy able to project power across the region. The rate of growth in spending is greater than that of recent years. In 2013, China's defence budget increased by 10.7 per cent over the previous year. The country's military spending is the second largest in the world, behind that of the US. The ...

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First Published: Wed, March 05 2014. 23:48 IST