China boosts defense budget by 11.2 percent for 2012

Reuters News
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Posted: Mar 03, 2012 10:58 PM
China boosts defense budget by 11.2 percent for 2012

BEIJING (Reuters) - China will increase military spending by 11.2 percent this year, a spokesman for the nation's parliament said on Sunday, building on a nearly unbroken succession of double-digit rises in the defense budget across two decades.

China's official defense budget this year will reach 670.2 billion yuan ($110 billion), amounting to an 11.2 percent rise on the previous year's defense spending, said Li Zhaoxing, the Chinese parliamentary spokesman and former foreign minister.

(Reporting by chris Buckley; Writing by Ben Blanchard; Editing by Sanjeev Miglani)