China will increase military spending by 10.7 per cent this year to 720.2 billion yuan (US$115.7 billion), the government announced on Tuesday, building on a nearly unbroken succession of double-digit rises in the defence budget across two decades.
“We should accelerate the modernisation of national defence and the armed forces so as to strengthen China’s defence and military capabilities,” Premier Wen Jiabao said in remarks prepared for delivery ahead of the start of China’s annual meeting of parliament.
“We should resolutely uphold China’s sovereignty, security and territorial integrity and ensure its peaceful development,” he added.
Beijing is also building new submarines, surface ships and anti-ship ballistic missiles as part of its naval modernisation.
Full article: China boosts military budget to uphold ‘sovereignty’ (South China Morning Post)