The year's draft defense budget was 67.6 billion yuan more than 2010, and accounted for about 6 percent of the country's total budget, said Li Zhaoxing, spokesman for the annual session of China's national legislature.
"The government has always tried to limit military spending and it has set the defense spending at a reasonable level to ensure the balance between national defense and economic development," said Li.
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In what has become a routine double-digit increase over recent years, China's annual defense budget is rising nearly 13%. Far from routine, however, was a frank explanation from a top army general of the reasons behind the rise. The disclosure reveals a self-confident Chinese military that no longer sees any rationale in hiding its strategic intent....Hence the New Kind of Global Strategic Wars we are witnessing in EURASIA......
Update: China's neighbors are concerned, contrary to what the Chinese are saying....
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Russia will lose $4bn in Libyan arms deals: official -- Ahram Online
Russia to lose $4bn in arms exports to Libya: Official -- Times Of India/AFP
Libya unrest costs Russia $4 bln in arms deals-media -- Reuters
Russia to lose $4-bln arms deal due to Libya turmoil -- IBTimes
Sanctions on Libya will cost Russia 4bn in arms exports -- Business Day
Comment: It should then be no surprise that Libya's main arms suppliers are against armed intervention in the country.
....India world's largest arms importer: SIPRI -- Defence Web
UAE, Saudis, Egypt, Algeria Top ME arms buyers -- Jerusalem Post
India 'world's biggest arms buyer' -- Al Jazeera
India Passes China as World’s Top Arms Importer, Sipri Says -- Bloomberg
India is world's largest arms importer: SIPRI -- Xinhuanet