China’s defense budget is expected to almost double by the close of this decade. In 2010, China spent an estimated $134 billion on defense. By 2020, that figure is forecast to almost double to $260 billion. Across this decade, China is expected to spend almost $2 trillion on defense.
China is now the third largest importer of defense equipment. “In 2014, China rose from fifth to third place, overtaking the UAE and Taiwan, in the global list of top defense spenders,” said Ben Moores, senior analyst at IHS Jane’s.
Assuming similar growth in defense spending China will match US defense spending in 2030.