China increases defense budget by 12.2 per cent in 2014
China plans to raise its defense budget from USD 117.7 billion to about USD 132 billion in 2014, making a 12.2 per cent increase
Last year, China had raised its defense budget by 10.7 per cent to 720.2 billion yuan (USD 117.7 billion).
It had also hiked its internal security budget which is few billion dollars over the defense budget.
Chinese defense analysts said Beijing which is modernizing its forces, formulates its defense budget to relatively match US defense spending amounting to USD 700 billion.