WiseGuyReports published new report, titled “Future of the Chinese Defense Industry”.
New York, NY -- (SBWIRE) -- 01/22/2018 -- The Future of the Chinese Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2022, published by Strategic Defence Intelligence, provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.
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China is the second largest defense spender globally after the US. The country's large military budget is primarily driven by its robust economic growth and its desire to match-up with the US in terms of military capabilities. Additionally, China shares its borders with 14 countries, and is involved in several border disputes which increase the need to invest in the recruitment and maintenance of a large number of troops to prevent infiltration or other hostile acts. The Chinese defense budget grew at a CAGR of 7.33% during 2013–2017, from US$115.9 billion in 2013 to US$153.9 billion in 2017. Over the forecast period, the country's defense expenditure is expected to increase from US$167.7 billion in 2018 to US$226.5 billion in 2022, reflecting a CAGR of 7.81%. The country's focus on military modernization, building technical capabilities, and dealing with territorial conflicts, while at the same time contributing to various peacekeeping operations worldwide, will drive the defense budget over the forecast period.
China aims to build a self-reliant defense equipment manufacturing industry
China's restricted access to foreign defense technology, due to an arms embargo imposed by the US and the EU (European Union), propelled the country to build a self-reliant defense equipment manufacturing industry. The country is adapting non-defense technology with relative use in the military for its defense equipment manufacturing, which will integrate China's civil and military industries. These reforms have revived the once ailing Chinese defense industry, and the country currently has the technological know-how and skilled manpower to manufacture fighters, missiles, aircraft carriers, diesel electric submarines, and other defense systems.
China emerges as the largest arms exporter in Asia
The increase in the manufacturing capabilities of domestic companies, combined with low production costs, means that China offers cheaper alternatives for countries that are looking for low-cost defense equipment. Chinese aircraft exports primarily include J-7, K-8, and Y-12 aircraft, which are relatively inexpensive. Furthermore, Bangladesh is looking to procure two Ming III-class diesel electric submarines from China. As part of its export strategy, China trades defense goods with African countries for oil, mineral resources, and even fishing rights. One of the country's strategic priorities is to secure access to the resources needed to support its growing economy. This trade of defense goods for mineral resources is mutually beneficial to both China and the African countries, which often have rich resources of oil and key mineral metals, despite being poor in terms of capital.
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