China to raise defense budget by 10.7% in 2013

China plans to raise its defense budget by 10.7 percent to 720.1 billion yuan (approximately US$114.3 billion) in 2013, according to a government work report distributed to media ahead of the annual session of the National People's Congress (NPC) on March 5.

Premier Wen Jiabao delivered the work report during the opening meeting of the first session of the 12th NPC at the Great Hall of the People in Beijing, capital of China, Chinese media said.

China spent 650.6 billion yuan on national defense in 2012, an increase of 11.2 percent from 2011.

AJP