China to increase defense spending
Chinese officials said that the country was entitled to increase the funding for the military sector, as the initiative is a direct contribution to maintain peace, according to the Associated Press.
Meanwhile, the U.S. and some of China's neighbors are concerned about the move, seeing it as a reason to aggravate territorial conflicts. During a news conference on Monday, officials with the Communist Party of China did not say a word about how much money there will be allocated from the budget on the defense industry next year.
According to representatives of the country's leadership, the budget for the whole year will be announced Tuesday.
The adoption of the budget is one of the main tasks of the new government, which changed in November 2012.
For more than two decades, China's spending on the military sector has been growing steadily. Last year, there were more than 106.4 million dollars assigned for the purpose. Only the United States spends more on defense, despite the fact that due to the sequestration of the budget this year, the States will most likely have to cut spending.