China to increase military spending by 7.6% this year
The world's second-largest economy also set its growth target for the next five years at a modest 6.5% or above.

China on Saturday increased its defence budget by 7.6% to $146 billion for this year, reported PTI. The National People's Congress said the hike was due to the militarisation of the Asia-Pacific, especially the disputed South China Sea, and blamed the United States for deepening tensions. However, the 7.6% increase is the lowest in six years, following the economic slowdown.
The world's second-largest economy also set its growth target for the next five years at a modest 6.5% or above. China said it would target economic growth between 6.5-7% in 2016. This was after the country's GDP growth last year declined to 6.9% – the lowest in 26 years. Beijing is looking to balance deep structural reforms, gyrating financial markets and softening global trade, reported Reuters.
Buy an annual Scroll Membership to support independent journalism and get special benefits.