China

    China plans to spend 601.1 billion yuan ($91.4 billion) on defense this year, up by more than 12 percent from its 533.4 billion yuan defense budget in 2010, according to a spokesperson of the National People’s Congress. The increase comes amid China’s fresh confrontation with South Korea, Japan and the Philippines over territorial issues, the Wall Street Journal notes.

    About the author

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      Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.