BEIJING (TIP): China has announced it will enhance defense spending by around 10 percent this year. The announcement signals competitive defense spending as it comes at a time when hitherto pacifist Japan has declared a record 2.8 per cent in military expenditure.
From China’s point of view, the increase in defense expenditure is lower than the 12.2 per cent growth seen in 2014, and the lowest in the past five years.
Though the Chinese move is lower than last year’s increase of 12.2 percent in defense expenditure, it will hugely increase Beijing’s spending on top of $131 billion that was sanctioned in 2014. The new increase of 10 per cent will be on top of $131 billion that was sanctioned for spending in 2014 although actual expenditure may have been higher.