China’s defence budget to grow 11 percent

March 4th, 2012 - 4:31 pm ICT by IANS  

Beijing, March 4 (IANS) China’s defence budget will grow by 11.2 percent to 670 billion yuan (about $106 billion) in 2012 as compared to the previous year, an official said.

This year’s draft defence budget is 67.6 billion yuan more than that of 2011, said Li Zhaoxing, spokesman for the national legislature.

“The government follows the principle of coordinating defence development with economic development. It sets the country’s defence spending according to the requirement of national defence and the level of economic development,” Xinhua quoted Li as saying Sunday.

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