Beijing (CNN) China on Saturday announced a 7% rise in annual military spending, the smallest increase in seven years. "The strengthening of China's (military) capabilities help preserve peace and stability in the region, not the opposite." That's a 10% increase over the cap on defense spending imposed by a budget deal that Congress passed six years ago. In 2016, China said its military budget would increase by 7.6% to $146 billion , the slowest pace in six years. China's defense spending is eclipsed by the United States, which in 2015 accounted for 36% of all military spending worldwide, according to the Stockholm International Peace Research Institute.

Source: CNN March 04, 2017 06:45 UTC