China unveiled their military budget for 2010 it is a staggering $78 BILLION. China has increased its defense spending by an average of 10% a year for the last decade.
That sounds like a lot of money (and it is) but it is dwarfed by the $636 billion the U.S. will spend this year. Nonetheless, China has the second largest military budget in the world.
The U.S. spends 3.5% of its GDP on defense, China will spend 1.8%.
You know what? China can pay cash for its military needs. The U.S. needs to borrow like crazy to finance our spending.
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