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S. Korea, U.S. to initial defense cost-sharing deal after ‘two plus two’ meeting: sources March 15, 2021
South Korea and the United States plan to initial a recently concluded deal on the sharing of the cost for stationing U.S. troops here shortly after a “two plus two” meeting of their foreign and defense ministers in Seoul later this week, sources said Monday.
Ending 1 1/2 years of negotiations, the two sides reached the deal on March 7 to raise Seoul’s payment for the upkeep of the 28,500-strong U.S. Forces Korea by 13.9 percent to 1.183 trillion won (US$1.04 billion) this year from the previous year.
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China’s new five-year plan, made public on Friday, called tech development a matter of national security, not just economic development, in a break from the previous plan. China is freeing up tens of billions of dollars for its tech industry to borrow. It is cataloging the sectors where the United States or others could cut off access to crucial technologies. The plan pledged to increase spending on research and development by 7 percent annually, including the public and private sectors. That figure was higher than budget increases for China’s military, which is slated to grow 6.8 percent next year, raising the prospect of an era of looming Cold War-like competition with the United States.