As the U.S. scales back its defense budget, China plans to boost defense spending more than 6 percent this year to $148 billion.
IHS Jane’s projects that China’s defense spending will increase to $148 billion in 2014, up from $139.2 billion last year, according to The New York Times.
Jane’s estimates that by next year, China’s defense spending will outpace Britain, Germany and France combined.
As sequestration has curbed projected defense spending for the Pentagon, hawkish lawmakers have cited the rise of China’s military as a key reason that the U.S. defense budget should ramp back up.
The U.S. defense budget is still more than four times larger than China's, however.