Beijing, March 5 -- China on Thursday lowered its GDP economic growth targets to around 4 per cent to 5 per cent and unveiled an increase in military spending by 7 per cent this year, bringing the total spending on defence to around USD 275 billion, Chinese state media reported on Thursday.

China's defence budget growth is expected to slow to 7 per cent in 2026, according to a draft report submitted to the country's national legislature for review, the Xinhua News Agency reported.

It marks the 11th consecutive year of single-digit growth for China's defense budget. The percentage rise is lower than last year's 7.2 per cent increase and is the slowest increase since 2021, the state media said. The figure stayed at 7.2 per cent for 2023, ...