China’s increased military spending has created a “greater threat perception” in the neighborhood, said senior researcher Nan Tian.
Tian said a large amount of financial resources are being allocated to the militaries of the South China Sea region, making a miscalculation possible."A miscalculation could have severe consequences, given the amount of weapons being procured and the amount of financial resources being allocated to the region's militaries to increase capabilities," he said.Globally, the total military expenditure surpassed $2 trillion for the first time.
The U.K. and Russia, which were the fourth and fifth biggest spenders respectively, together accounted for 62% of total military spending last year."This is the highest level ever recorded," Tian said of total spending, adding that it had been increasing for seven consecutive years.
"These countries will be looking to modernize their militaries, buy more weapons systems, equipment, and this would mean potentially more orders for the largest arms producing companies such as Lockheed Martin, Boeing and BAE systems, for example," he said.Tian discounted the idea of an increased danger of nuclear proliferation in the current climate but warned of the proliferation of conventional weapons.
Tian said it is important to extend the non-proliferation regime to conventional weapons as well."It is important that institutions such as the U.N. bring in member states and agree on essential non-proliferation of not only nuclear but also conventional weapons. So that these increases in military spending do not get out of hand, increasing potential risks of armed conflict," he said.
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