"On 04 March 2011 China said it planned to raise its defense budget by 11.2 percent to 670 billion yuan (106.4 billion U.S. dollars) in 2012. This year's draft defense budget is 67.6 billion yuan more than the defense expenditure of 2011, said Li Zhaoxing, spokesman for the annual session of China's national legislature." (Quoted from article)