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Tuesday, March 04, 2008

China Plans to Increase 2008 Military Budget by a Record 19.4%

China's military will boost its 2008 defense budget by a record 19.4 percent, upgrading the world's largest regular army's technology and resources to rival Japan, the U.S. and Taiwan.

Spending will rise to 417.8 billion yuan ($58.8 billion) from last year's 350 billion yuan, the Chinese legislature's spokesman Jiang Enzhu said today.

Jiang calculated the increase to be 17.6 percent, or $57.2 billion, using the yuan's end-2007 exchange rate and comparing the 2008 budget with 2007 actual spending.

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