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China to Increase Military Spending, Closing Gap to U.S.

CNN reports that “China says its military budget will increase by 10.1% in 2015, the latest in a series of double-digit increases that will narrow the still-significant gap with the United States on defense spending.”  

“According to a budget report released at the start of China’s National People’s Congress – the annual meeting of the country’s rubber stamp parliament — defense spending will total 887 billion yuan ($144.2 billion) this year.”  

“‘Building a solid national defense and strong armed forces is fundamental to safeguarding China’s sovereignty,’ Premier Li Keqiang told thousands of delegates gathered in the cavernous Great Hall of the People in Beijing’s Tiananmen Square.”

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