China's defence budget this year will rise about 10 per cent compared with 2014, the spokeswoman for the country's parliament said today, outpacing the slowing Chinese economy as the country ramps up investment in high-tech equipment.
National People's Congress spokeswoman Fu Ying told a news conference that the actual figure would be released on Thursday, when the annual session of China's largely rubber-stamp parliament opens. Last year, defence spending rose 12.2 per cent to $130 billion, second only to the United States.
"I can reveal the rough situation. Among the recommendations for 2015 ... defence budget and the increase in defence spending, the magnitude is probably about 10 per cent," Fu said.
"Compared with great powers, the road of China's defence modernisation is more difficult. We have to rely on ourselves for most of our military equipment and research and development," Fu added.
While Beijing keeps the details of its military spending secret, experts have said additional funding would likely go towards beefing up the navy with anti-submarine ships and developing more aircraft carriers beyond the sole vessel in operation.
Other factors would now keep defence spending high, from the US military and diplomatic "rebalancing" to Asia to President Xi Jinping's crackdown on corruption in the People's Liberation Army, which has caused some disquiet in the ranks, military experts have said.
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