BEIJING
China's defence budget will increase 12 percent this year, Xinhua news agency, the country’s official news agency announced on Wednesday.
Total spending for this year will be US$132 billion.
China’s mass media said the country’s military spending is at a “reasonable and balanced” level when comparing regional and global powers’ military budget.
The double-digit increase in China’s defense budget is worrying the global markets as China and Japan continue to spar over the deserted islands in the East China Sea.
In addition, China claims that 90 percent of the South China Sea, rich with oil and gas, belongs to the country, despite other countries such as Philippines, Vietnam, Malaysia, Brunei, and Taiwan also making territorial claims in that area.
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