China to raise defence budget by 8.1% in 2018

China to raise defence budget by 8.1% in 2018China announced on Monday an 8.1 percent defence budget increase for 2018, giving the world’s largest armed forces a boost after spending slowed in the previous two years. Beijing will spend 1.11 trillion yuan ($175 billion) on its military, according to a budget report presented before the opening session of the annual National People’s Congress, according to the official Xinhua news agency. China spent $151 billion on the People’s Liberation Army last year, the second largest defence budget in the world but still four times less than the $603 billion US outlay, according to the International Institute for Strategic Studies, a London-based think tank.

Source: Yahoo! News