Nice BEIJING (AFP) – China announced a renewed double-digit hike in military spending on Friday after funding slowed last year, but insisted the nearly $92 billion outlay posed no external threat despite concerns abroad.
The defence budget will rise 12.7 percent in 2011 to 601.1 billion yuan ($91.7 billion), said Li Zhaoxing, spokesman for China's national parliament, citing a budget report to be submitted to the rubber-stamp legislature.
"China has always paid attention to controlling the size of defence spending," Li, a former foreign minister, told reporters.
He described the budget as "relatively low" as a percentage of gross domestic product compared with the rest of the world.
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