ARTICLE: "China Military Marks 80th Anniversary," by Christopher Bodeen, Associated Press, 31 July 2007.
Most articles note the spending increase, some note the growing wariness of neighbors and especially the U.S., fewer describe the attempts of outsiders to demand more transparency from the Chinese, and almost none describe Chinese PLA responses to those calls.
This article does it all, providing some real context, so it's worth more than most.