Economy
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Chinese Military Spending Growing
March 2008 | Risk SummarySorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Beijing has revealed that it aims to raise military spending by 18% to CNY417.8bn (US$59bn) in 2008, which has raised fears in both Taipei and Washington. The two capitals are becoming increasingly aware that Taiwan's military capacity is being dwarfed by Beijing's growing military might while Washington sees its grip of the West Pacific being increasingly challenged. Washington believe China is understating its military spending, which it estimates to somewhere in between US$97bn and US$139bn in 2007, roughly a fifth of the US$515bn in military spending US President Bush has requested for the next fiscal year.