DHAKA: Amid a slowing economy, China has raised its defense budget by 10.1 percent to 887 billion yuan this year, keeping its nearly two-decade run of double-digit increases in military spending unbroken.

The figure, released at the opening session of the National People’s Congress (NPC) – China’s legislative body - on Thursday, however, is lower than the 12.2 percent increase last year.

It represents the slowest growth in military spending in five years.
Still, experts point out that the country’s defense spending is growing at a pace faster than the overall growth rate of the Chinese economy, making China’s Budget second only to the United States.

Earlier on Wednesday, NPC spokesman Fu Ying had revealed at a press conference that the defense budget would rise by ‘about 10 percent’.

She sought to allay concerns over China’s growing defense budget and military might, emphasizing that the country’s defense policy had always been defensive in nature.

BDST: 1143 HRS, MAR 05, 2015