China Boosts Military Spending by 14.7 Percent

March 6, 2006 – The People’s Republic of China has announced they will increase their military spending by14.7 percent to $35 billion in 2006, marking their largest increase in military spending in four years

China’s rapidly expanding military might is of prime concern for the U.S. (Read “China’s Commercial and Military Integration” from the Summer 2005 IAM Journal.)

Claiming China spends more on their defense budget than they publicize, a Pentagon strategy review last month said China now has the world’s third-largest defense budget and the “greatest potential” to compete militarily with the U.S.

Read the entire article from Bloomberg.