Beijing, Rabi'II 23, 1434, Mar 5, 2013, SPA - China on Tuesday said it planned to raise its defence budget by 10.7 per cent this year. Military spending was projected at 720 billion yuan ($115.7 billion) this year following an increase of 11.6 per cent in actual spending last year, according to the draft budget presented to China's annual parliament this week. The 3,000-member National People's Congress is scheduled to approve the budget at the end of the 13-day annual session March 17. The ruling Communist Party said it needed increased funds to modernize its 2.5-million-strong People's Liberation Army, according to a report of DPA. --SPA 13:13 LOCAL TIME 10:13 GMT www.spa.gov.sa/1084492