Defense industry in China posts growth

Associated Press — China's defense industry recorded strong growth in 2004, with revenues climbing more than 25 percent, while seven military−controlled companies issued public shares, state media reported Tuesday, January 25. The value of defense industry production for civilian use rose 26.8 percent from a year ago to US$20 billion, the official Xinhua News Agency reported. Revenues earned by defense companies rose 26.4 percent, the report said without giving dollar figures. Military−run companies increasingly are raising funds in domestic share markets and are expanding into overseas markets, according to Jin Zhuanglong, spokesperson for the Commission of Science, Technology and Industry for National Defense. The government rarely releases reports on China's defense sector.

Source: Washington Post, 1/25/05