Beijing plans 12.2% boost in military spending

Nation's mounting security pressures cited as a key factor behind increase

The Foreign Ministry said on Wednesday China's defense budget increase is "necessary" and "moderate" as the country faces mounting security pressures and its military is in a critical time of reform.

According to a draft budget report submitted to the National People's Congress for review on Wednesday, China plans to raise its defense budget by 12.2 percent to 808.2 billion yuan ($132 billion) in 2014.