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.
"There seems to be concern with the slowing economy. ... They may want to keep down spending as a percentage of the economic output," said Christian Le Miere, senior Asia analyst at Jane's Country Risk in London.
Thursday's opening session of the National People's Congress will unveil a national budget that features a hefty stimulus plan to reinvigorate the flagging economy and ward off the global economic downturn.
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