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Thursday, March 05, 2015

China defence budget 10 pct rise to defy slowing economy

J-15 launch from Liaoning CVChina's defence budget this year will rise about 10 percent compared with 2014, a top government official said on Wednesday, outpacing the slowing economy as the country ramps up investment in high-tech equipment such as submarines and stealth jets.

Parliament spokeswoman Fu Ying told reporters the actual figure would be released on Thursday, when the annual session of the largely rubber-stamp National People's Congress opens.

Last year, defence spending was budgeted to rise 12.2 percent to $130 billion, second only to the U.S. Pentagon's proposed $534 billion base budget.

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