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China Military Spending Quickens as Xi Seeks ‘World Class’ Force

  • Military budget to increase at quickest pace in three years
  • Figure released as lawmakers meet to bolster president’s power
Bloomberg business news

China Withholds Military Spending Target

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China said defense spending would increase at the quickest pace in three years, as President Xi Jinping pursues a “world-class” military capable of projecting force further from the country’s coasts.

The central government’s military outlays are expected to rise 8.1 percent to 1.11 trillion yuan ($175 billion) this year, the Chinese Ministry of Finance said Monday in its annual report to the national legislative session in Beijing. Last year’s budget called for an increase of 7.1 percent, the slowest pace since at least 1991.