China Increases Defense Budget 7.2 Percent to $245 Billion
China said Wednesday it will increase its defense budget 7.2% this year, as it continues its campaign to build a larger, more modern military to assert its territorial claims and challenge the U.S. defense lead in Asia.
China said Wednesday it will increase its defense budget 7.2% this year, as it continues its campaign to build a larger, more modern military to assert its territorial claims and challenge the U.S. defense lead in Asia.
China's military spending remains the second largest behind the U.S. and it already has the world's largest navy.
The budget, which adds up to about $245 billion, was announced at the National People's Congress, the annual meeting of China's legislature. The Pentagon and many experts say China's total spending on defense might be 40% higher or more because of items included under other budgets.