(CNN) A top Chinese official said China will increase its annual defense spending by roughly 7% this year. Fu Ying, spokeswoman for the 12th National People's Congress (NPC) annual session, said during a press conference Saturday the increase is in line with China's economic development and defense needs, state-run news agency Xinhua reported. Fu said defense spending only accounts for about 1.3% of the country's GDP, Xinhua reported. This represented a slowing in comparison to previous years, when budgets were in the double digits. In 2009, for instance, the amount was closer to 15%, Xinhua reported.

Source: CNN March 04, 2017 07:41 UTC