China's defense spending to increase 7.5% in 2010: draft budget

09:35, March 05, 2010      

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China plans to increase its national defense spending by 7.5 percent to 519.082 billion yuan (about 76.3 billion U.S. dollars) in 2010, according to a draft budget report.

The figure, about 36 billion yuan more than last year, consists of 518.577 billion yuan of central government spending and 505 million yuan of transfer payments to local governments.

These funds will be used mainly to modernize the army, according to the draft submitted to the National People's Congress (NPC), China's top legislature, which started its annual session Friday morning.

Source:Xinhua
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