China’s defence spending will exceed Rmb1tn ($145bn) for the first time this year, according to new figures from the annual budget released by the country’s finance ministry.
The Ministry of Finance on Monday announced that the annual budget for military defence in 2017 would come to Rmb1.044tn, reflecting a 7 per cent rise from the previous year.
That growth rate – announced at the weekend, but without the landmark renminbi figure – nonetheless represents a slowdown from 2015′s rise of 8 per cent.
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