Sen. Dan Sullivan (R-AK), revealed on the floor of the Senate that intelligence officials believe the real Chinese military budget is probably close to about $700 billion dollars more than double market exchange rates conversions of estimates of China’s defence spending . Further discussion here by Mackenzie Eaglen of the the American Enterprise Institute.
“The Defense Budget Bogeyman”, by Sean Morgan
The Defense Budget Bogeyman by Sean Morgan is an good introduction to understanding the USA's defense budget in an intrenational context. The graph featured and below highlights market exchange rate and military PPP differences.
militaryppp.com 