China boosts defense budget to USD 77.9 billion

China boosts

Vowing to step up the modernization of its military, China today announced a 7.5 percent hike in defense spending in 2010 boosting its military budget to USD 77.9 billion, almost double that of India.

But the hike was the smallest increase in defense expenditure in more than two decades and could be a fallout of financial constraints.

The increase will be used to enhance China’s military capabilities and ability “to meet various threats” Xinhua quoted Li Zhaoxing spokesman for China’s Parliament, the National Peoples Congress as saying.

“China is committed to peaceful development and military posture that is defensive in nature,” Li said after the budget was placed before the Parliament.

Rebecca Wheeler

Rebecca Wheeler

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