China's defense budget increased by 12.2 percent for this year, signaling a self-assured attitude on the disputed waters of East and South China.
According to a report released on Wednesday at the 12th National People's Congress in Beijing, China increased its defense budget by 12.2 percent for 2014 to US$132 billion.
The double digit increase in China’s defense budget is worrying the global markets as China and Japan continue to spar over the deserted islands in the East China Sea.
In addition, China says that 90 percent of the South China Sea, rich with oil and gas, belongs to the country, despite other countries such as Philippines, Vietnam, Malaysia, Brunei, and Taiwan also bordering the sea.
However, the U.S. still comes out top in the world’s overall defense expenditures; in 2013 it totaled US$600 billion.
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