China raises 2018 defence budget by 8.1 percent

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BEIJING: China on Monday announced a 8.1 per cent hike in its defence expenditure for this year to a whopping USD 175 billion, which is over three times higher than India’s defence budget, as it seeks to further advance an ambitious modernisation drive for its military.
The 8.1% increase is higher than last year’s announcement, when China upped military spending by 7% over the previous year.
According to a budget report to be submitted to the National People’s Congress (NPC) today, the 2018 defence budget will be 1.11 trillion yuan (USD 175 billion).
China last year increased the defence budget to USD 150.5 billion. China is the second largest spender on defence after the US. The Pentagon has requested a budget of USD 686 billion in 2019, up USD 80 billion from 2017.

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