During the press conference at the First Session of the 11th National People’s Congress held on March 4, Jiang Enzhu, spokesperson of the conference disclosed that China’s defense budget for 2008 is 417 billion yuan (US$57.2 billion), a 17.6 percent increase from last year including currency impact. The increases are mainly to cover spending in army benefits, food and fuel consumption, administrative and training costs as well as equipment and weapon.
Source: China Review News, March 4, 2008
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