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China’s Military Budget to Grow by 7-8% in 2016 - Official

© AFP 2023 / STRA bank employee counts 100-yuan banknotes at a bank in Hangzhou, east China's Zhejiang province on December 1, 2015
A bank employee counts 100-yuan banknotes at a bank in Hangzhou, east China's Zhejiang province on December 1, 2015 - Sputnik International
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China’s defense budget will grow by 7-8 percent in 2016, Fu Ying, a spokeswoman for China's National People's Congress announced.

BEIJING (Sputnik) – According to the spokeswoman, the exact military budget figures will be announced on Saturday, when China's National People's Congress will be presented with the budget draft.

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"The military budget of China this year will grow again, but the rate of growth will be slower than last year. This year growth will amount to about 7-8 percent," Fu Ying said at a press conference on Friday.

Last year, China’s military spending amounted to about $135 billion, having increased by over 10 percent year-on-year from 2014. It was the slowest growth rate in five years.

In 2014, China's defense budget grew by 12.2 percent, amounting to $132 billion and ranking second in the world behind the United States.

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