BEIJING — China defended its booming military spending on Monday, saying vast investments in the armed forces have contributed to global peace and stability, despite concerns among the U.S. and Beijing’s Asian neighbors over sharpening territorial disputes.
However, in a break with previous years, no figure for this year’s defense budget was presented at a news conference held Monday on the eve of the annual legislative session. Spokeswoman Fu Ying said the figure would appear in the overall budget to be released Tuesday.
Approving the budget is among the key tasks of the session, which this year will see new leaders placed into top government positions after they were elevated at November’s Communist Party congress.
Party leader Xi Jinping will take over from Hu Jintao as president, as well as head of the government’s Central Military Commission, as part of China’s once-a-decade power transition. In addition, the session approves top Cabinet appointments such as the defense minister.
Chinese defense spending has grown substantially each year for more than two decades, and last year rose 11.2 percent to 670.2 billion yuan ($106.4 billion), an increase of about 67 billion yuan.
Photo Credit: johntrathome (Creative Commons)
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With the collapse of the dollar the yuan will be the next global currency.The last meeting that took place that the US wasn't invited to was to set an agreement with russia and the middle east to buy oil not using the dollar.It was agreed on and for those who don't know,all other countries will be using the yuan instead just like great brittan that bought the yuan. The collapse of the dollar is now on its way and the end of the funny money is also at the end.Hyper inflation is peeking its head on us now and over night you will wake up broke like the rest of us.So why would china be building its military?I think you know,and who owes them trillions that were backed by our lands that hillary used as collateral.Its not rocket science people.
how true
The chinks build theirs up and Obutthole tears ours down.The commies love this queer duck.