Thursday, October 27, 2005

IISS estimates Chinese defense spending is much higher than official figures

London's IISS has put out this year's Military Balance. As the Financial Times reports, it pegs China's defence budget last year at $62.5 billion, which is more than twice the official figure of $25 billion. The IISS also estimates a 10% annual growth rate over the past ten years. The magic of compound interest, as they say.

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