The Chinese government will unveil its defense budget for 2014 at the forthcoming annual session of the National People’s Congress, set to begin on March 5, 2014. A double-digit growth is expected boosting China’s defense budget to at least an estimated US $ 148 billion. In an interview to Xinhua on March 1, Rear Admiral Yin Zhuo, Director of the Expert Consultation Committee of the PLA Navy, said keeping in mind China’s increasing security challenges, the military spending is lower than what is appropriately required.  Yin Zhuo reiterated that China “has “no intentions to seek hegemony” and will stick to its peaceful development path. China's defence budget last year was officially declared as US$ 117.7 billion.