China’s Defense Spending Slows as Xi Turns Graft Push on PLA

March 4, 2015 6:34 AM

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(Bloomberg) -- China’s central government will increase defense spending at a slower pace than last year as President Xi Jinping overhauls the military and seeks to stamp out the corruption that hinders the country’s combat readiness.

The defense budget will rise about 10 percent this year, in line with the increase in the general budget, Fu Ying, National People’s Congress spokeswoman, said at a briefing on the NPC meetings that start tomorrow. Last year military spending rose 12.2 percent to 808.2 billion yuan ($128.9 billion).

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