At a security summit, General Li Shangfu said "some countries" were intensifying an arms race in Asia.
But he said the world was big enough for both China and the US, and the two superpowers should seek common ground.
Earlier the US alleged "unsafe" manoeuvres by a Chinese destroyer near a US warship in the Taiwan strait.
On Saturday the US navy said a Chinese destroyer sailed "in an unsafe manner" near an American warship as it transited the Taiwan Strait with Canadian vessels.
China criticised both countries for "deliberately provoking risk". The US and Canada said they were sailing where international law allows.
Gen Li, who became defence minister in March, accused the US of a "Cold War mentality" and said this was "greatly increasing security risks".
In his speech he said China would not allow naval patrols by the US and its allies to be "a pretext to exercise hegemony of navigation".
Asked about the incident in the Taiwan Strait, he said only that countries from outside the region were raising tensions.
He was speaking at the Shangri-La Dialogue in Singapore, the Asia-Pacific region's only annual security meeting.
Source: www.bbc.com
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