Wednesday, March 4, 2009

China Budget

China announces double-digit military spending boost

GUARDIAN UK — China will boost military spending by 14.9% this year despite the economic slowdown, continuing a run of double-digit increases that have unsettled the US and Asian neighbours.
The spokesman for the National People's Congress – China's rubber-stamp parliament, which begins its annual session tomorrow – told reporters it was a "modest" increase which would increase capabilities and improve conditions for the 2.3 million members of the world's largest army.
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China sees smaller defense boost amid economy woes

AP — China announced a nearly 15 percent rise in military spending on Wednesday — a smaller boost than in previous years — as the national legislature prepared to open its annual session with a focus firmly on overcoming the country's brewing economic crisis.
The 14.9 percent increase in defense spending is the lowest in three years, a possible reflection of shifting priorities amid plans for a 4 trillion yuan ($586 billion) stimulus package and a 850 billion yuan ($124 billion) spending boost to expand and revamp an inadequate health care system.
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Wall Street opens higher; markets await new stimulus in China

International Herald Tribune — Stocks rose around the world on Wednesday, as investors reacted to speculation that China may expand its stimulus measures.
Shares increased on reports that Premier Wen Jiabao of China was considering new stimulus measures on top of the $585 billion spending plan already proposed. An announcement could come as early as Thursday in China.
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