World IN BRIEF : CHINA : Defense Spending to Rise 13% in 1991
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From Times Staff and Wire Reports
Defense spending will increase nearly 13% this year, despite a serious budget deficit, so that the army can modernize its arsenal, China’s finance minister said. It is the second year in a row that China has sharply increased military spending. The draft 1991 budget presented by Finance Minister Wang Bingqian to the annual session of the National People’s Congress included an overall 5% increase in government spending, with a projected deficit of $2.5 billion. Sales taxes are to be raised from 3% to 5% and some price subsidies will be reduced.
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