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By Phil Stewart (Reuters) – China’s military spending exceeded $145 billion last year as it advanced a program modernizing an arsenal of drones, warships, jets, missiles and cyber weapons, the Pentagon said on Thursday, offering a far higher figure than Beijing’s official tally. The Pentagon’s estimate, using 2013 prices and exchange rates, was 21 percent above the $119.5 billion figure announced by China. It was detailed in an annual report to Congress that cited steady progress in […]
(Reuters) – China announced its biggest rise in military spending in three years on Wednesday, a strong signal from President Xi Jinping that Beijing is not about to back away from its growing assertiveness in Asia, especially in disputed waters. The government said it would increase the defense budget by 12.2 percent this year to 808.23 billion yuan ($131.57 billion), as China seeks to develop more high-tech weapons and to beef up coastal and air […]
