China boosts defense spending amid military modernization

By Christian Shepherd and Michael Martina BEIJING (Reuters) - China on Monday unveiled its largest rise in defense spending in three years, setting a target of 8.1 percent growth over 2017, fuelling an ambitious military modernization program amid rising concerns over its security. The 2018 defense budget will be 1.11 trillion yuan ($175 billion), according to a report issued at the opening of China's annual meeting of parliament. The defense spending figure is closely watched around the world for clues to China's strategic intentions as it develops new military capabilities, including stealth fighters, aircraft carriers and anti-satellite missiles.

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