China’s military spending is the second highest in the world, after the United States. While some naively call it a distant second, they don’t consider that this budget does not not include items such as research and development or foreign weapons procurement, to name a few out of many. The true budget is most likely double, or more.
The increase announced by parliament spokesman Li Zhaoxing will bring official outlays on the People’s Liberation Army (PLA) to 670.3 billion yuan ($110 billion) for 2012, after a 12.7 percent increase last year and a near-unbroken string of double-digit rises across two decades.
Beijing’s public budget is widely thought by foreign experts to undercount its real spending on military modernization, which has unnerved Asian neighbors and drawn repeated calls from Washington for China to share more about its intentions.
Full article: China boosts defense budget 11 percent after U.S. “pivot” (Reuters)