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<\/p>\n<\/p>\n
It comes as worldwide military spending surpassed $2 trillion for the first time ever in 2021, he added.<\/p>\n
Tian said China\u2019s increased military spending has created a \u201cgreater threat perception\u201d in the neighborhood. This has \u201cled to these neighboring countries such as Singapore, Japan, Australia and Taiwan purchasing a lot of new technologies, such as nuclear submarines and precision missile systems,\u201d he said.<\/p>\n
In response to China\u2019s growing assertiveness in the South and East China Seas, its neighbors have purchased several U.S weapon systems over the past decade.<\/p>\n
Earlier in April, the U.S. approved the sale of up to $95 million worth of training and equipment to support Taiwan\u2019s Patriot missile defense system developed by\u00a0Raytheon<\/a>. It\u2019s the third arms sale to Taiwan under the Biden administration.<\/p>\n In 2020, the U.S. approved a $23 billion order by Japan for a large number of F-35 fighter aircraft manufactured by\u00a0Lockheed Martin<\/a>.\u00a0Northrop Grumman<\/a>\u00a0also delivered Global Hawk UAVs to Japan earlier this year. And Singapore has placed orders for F-35 fighters expected to be delivered in 2026.<\/p>\n Some of these U.S. defense stocks have surged since the start of Russia\u2019s unprovoked war on Ukraine. Raytheon shares are 5% higher since Feb. 24, while Lockheed Martin stocks are up around 12% and Northrop Grumman is higher by around 11%. In comparison, the\u00a0S&P 500<\/a>\u00a0index is down over 2% in the same period.<\/p>\n Tian also referred to the threat North Korea poses to the region and the world. \u201cNorth Korea is testing and developing nuclear weapons, which of course is a greater concern to not only the region but the world as a whole,\u201d he said.<\/p>\n Tian said a large amount of financial resources are being allocated to the militaries of the South China Sea region, making a miscalculation possible. \u201cA miscalculation could have severe consequences, given the amount of weapons being procured and the amount of financial resources being allocated to the region\u2019s militaries to increase capabilities,\u201d he said.<\/p>\n<\/div>\n Globally, the total military expenditure surpassed $2 trillion for the first time. China and India were among the top three military spenders in 2021, behind the United States, which was the largest defense spender.<\/p>\n The U.K. and Russia, which were the fourth and fifth biggest spenders respectively, together accounted for 62% of total military spending last year. \u201cThis is the highest level ever recorded,\u201d Tian said of total spending, adding that it had been increasing for seven consecutive years. \u201cIt puts the point into perspective that throughout the times of economic recession, changes in oil prices or even the pandemic, military spending has seen a consistent, persistent increase,\u201d he said.<\/p>\n He also said military spending outstripped either spending on health care or on education. \u201cThese 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,\u201d he said.<\/p>\n For more at: CNBC.com<\/p>\n<\/div>\n\n Aufrufe: 953<\/p>","protected":false},"excerpt":{"rendered":" The South China Sea region faces a heightened risk of conflict as it arms itself at an \u201calarming rate,\u201d an expert from the Stockholm International Peace Research Institute told CNBC on Monday. It comes as worldwide military spending surpassed $2 trillion for the first time ever in 2021, he added. \u00a0\u201cThe region is arming at …<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[41],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/posts\/10261"}],"collection":[{"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/comments?post=10261"}],"version-history":[{"count":1,"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/posts\/10261\/revisions"}],"predecessor-version":[{"id":10263,"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/posts\/10261\/revisions\/10263"}],"wp:attachment":[{"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/media?parent=10261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/categories?post=10261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/east-sea.de\/en\/wp-json\/wp\/v2\/tags?post=10261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/a>Top spenders<\/h2>\n
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\nThe Ukraine war would only increase spending, he said. He said Germany, Sweden and Romania had already announced more spending.<\/p>\n