Beijing, March 6, 2014, — On Wednesday the Chinese government announced it would increase the defense budget by 12.2 percent this year to $132 billion. This is relatively small comparing with the $520 billion budget for US Department of Defense alone.
This year’s annual session of Chinese parliament opened in Beijing just days after the terrorist attack at Kunming Railway Station that claimed 29 victims.
Speaking at the opening of China’s annual session of parliament, Chinese Prime Minister Li Keqiang said the government would enhance border, coastal and air defenses and “strengthen research on national defense and the development of new- and high-technology weapons and equipment”.
Premier Li Keqiang announced a rise of 12.2 per cent in China’s annual military budget, saying it was needed to fund an ongoing modernization drive.
“This year, with the Party’s goal of strengthening the armed forces under the new conditions in mind, we will continue to raise their deterrence and combat capabilities in the information age,” Li told delegates at the annual meeting of the state parliament.
The draft budget presented to the parliament allocated 808.2 billion yuan (132 billion dollars) for defence spending this year, following previous double-digit rises that prompted international concern over China’s growing military power.