China already spends more on its military than any country in the world except the United States. Now, as defense budgets at the Pentagon and in many NATO countries shrink, China’s People’s Liberation Army is gearing up for a surge in new funding, according to a new report.
China will spend $148 billion on its military this year, up from $139.2 billion in 2013, according to IHS Jane’s, a defense industry consulting and analysis company. The United States spends far more – a forecast $574.9 billion this year – but that is down from $664.3 billion in 2012 after budget cuts slashed spending. By next year China will spend more on defense than Britain, Germany and France combined, according to IHS. By 2024, it will spend more than all of Western Europe, it estimates.
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Michael Forsythe, The New York Times via CHINA US Focus http://ift.tt/1fLtzNc
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