China's Defense Budget Up 17.6 Percent
Posted on: Tuesday, 4 March 2008, 09:00 CST
China's defense budget for 2008 will be up 17.6 percent from last year to more than $58 billion, a parliamentary spokesman announced Tuesday.
Jiang Enzhu, spokesman for the National People's Congress, whose session opens Wednesday, told reporters in Beijing the budget represents an increase of nearly $8.8 billion from last year's actual military spending, Xinhua reported.
Jiang the increase is needed to pay higher benefits to military personnel, offset higher oil prices and upgrade equipment moderately to enhance the troops' combat capability based on information technologies.
He said more money will be spent on education and training in army, the report said.
He said China's defense expenditure growth in recent years is far below the country's increase of fiscal revenues.
He said China's military expenditure last year was 1.4 percent of its gross domestic product, compared with 4.6 percent in the United States, 3 percent in Britain, 2 percent in France, 2.63 percent in Russia and 2.5 percent in India.
Source: United Press International
Related Articles
- ScanSafe Reports 35 Percent Increase in Web Threats As Websites in the 'Long Tail' Come Under Attack
- Over Sixty Percent of Mainland China Exporters Spending More on Quality Control -- Global Sources Survey
- China Supplier Survey Shows 70 Percent of Mainland China Manufacturers Plan to Raise Export Prices in the Next 12 Months
- Steel Giant Arcelor Agrees to Buy 38 Percent Stake in China's LaiwuSteel
- Oakley Posts 29 Percent Increase In Earnings Per Share On Record Quarterly Net Sales Of $173.4 Million
- Gartner Says Lower Prices and Mobility Drive Worldwide PC Shipments to 17 Percent Increase in Third Quarter of 2005
- Long-term smoking is associated with up to 40 percent increased risk of breast cancer
- Vintage Petroleum Reports Second Quarter Results, 17 Percent Increase in Production; 2005 Targets Increased
- Dell reports 16 percent increase in revenue for 3rd quarter
- Dell reports 21 percent increase in third quarter earnings
 |
 |
User Comments (0)
RSS Feeds