China Announces 10.7% Increase In Defense Spending Amid Slow Economy
As China prepares to receive a new premier and change in leadership, it has announced a 10.7% increase in defense spending while forecasting a 7.5% economic growth rate.
China has been increasing its defense spending over the last couple decades by double digit figures, but is still relatively small at $115 billion compared to the U.S. which budgeted $652.2 billion in 2012.
Incoming leader Xi Jinping as publicly stated he wants to bring in reforms to combat corruption, pollution and the economic disparity between poor and rich.



