FACTBOX: China Military Spending Jumps
The U.S. spends around $700 billion on defense and international security annually. That's more than the world's next 20 biggest military spenders combined. China has just set an official defense budget of $120 billion for 2013, up 11% from last year. But the country's actual defense spending may be much higher. Western research groups expect China to more than double its military spending by 2015. That's while U.S. military spending is declining. America's top defense budget priorities:
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