US‑based firms generated $334 billion in arms revenues in 2024, an increase of 3.8 percent from the previous year. By contrast, the top Chinese arms companies saw their combined revenues fall 10 percent, to $88.3 billion in 2024, according to a recent report by the Stockholm International Peace Research Institute (SIPRI).

Why It Matters

China is accelerating advanced weapons production and expanding exports amid an intensifying rivalry with the U.S. With some Western analysts noting that China still lags the U.S. in high-end technology and combat experience, its growing capabilities in advanced weapons production and exports are nonetheless reshaping global defense dynamics.

What To Know

The report published on Monday found that, among the world’s top 100 arms companies, several C

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