China Announces 10 Percent Hike To Defense Budget

China today announced a double-digit hike to its defense budget with a 10.7 percent increase for 2013-14.

Amid territorial deputes with neighbors, China’s military now has $115.7 billion to ‘to make Chinese armed forces more mechanised and information-based’. The Chinese military is quickly undergoing modernization against the possibility of a stand-off with Japan over the disputed islands.

China spent $106.4 billion on national defence in 2012, an increase of 11.5 per cent than the previous year, making it one of the world's top defence spenders, the Press Trust of India reported.

In 2012, China launched its first aircraft carrier along with various new fighter jets including a stealth fighter bracing to deal with big US military push into Asia Pacific. Beijing has also tested technology programed to destroy incoming missiles and is constructing new submarines, surface ships and anti-ship ballistic missiles as part of its naval modernization.

NPC spokesperson Fu Ying yesterday said that China's defensive military policies played a "core role" in maintaining peace and stability in Asia. "China's peaceful foreign policies and its defencive military policies are conducive to security and peace of Asia," he said.