Li Keqiang

  • A Chinese People's Liberation Army, PLA, officer practices conducting the military band before the opening session of the 12th National People's Congress, NPC, in Beijing. The Chinese government annouced its 2014 budget Wednesday, including a 12.2 percent increase in defense spending. Wang Zhao/AFP/Getty Images
    March 5, 2014   BY Andy Swab 

    The Chinese government announced Wednesday that their defense budget will increase by 12.2 percent, nearly 808 billion yuan, for the 2014 fiscal year.

    In U.S. dollars, China will be boosting its defense budget from $117 billion to approximately $132 billion, the biggest military increase in the last three years, Reuters reports. The military expansion includes investments in computer software technology and a boost in spending for their navy, one capable of operating in international waters. Continue reading