Dominic Ng 吳建民, chairman and chief executive officer of East West Bank 華美銀行 and a USC trustee, shares his views.
China's military spends hundreds of millions of dollars
ON AN AVERAGE DAY in China hundreds of millions of dollars are spent on China’s military. According to the Chinese government, China will spend $45 billion (US$123,287,671 a day) on defense in 2007. The U.S. Defense Intelligence Agency believes that Chinese spending is significantly higher. The DIA believes that Chinese defense spending is between US$85 billion (US$232,876,712 a day) and US$125 billion (US$342,465,753 a day).
If Pentagon estimates are correct, China has the world’s second largest defense budget. Still its spending is dwarfed by that of the U.S. U.S. spending in 2007 will amount to $606 billion (including $170 billion in war spending). This averages $1,660,273,973 a day or more than four times the DIA's "high" estimate of Chinese expenditure.
Peter Spiegel, “Pentagon says China is increasingly influenced by oil,” Los Angeles Times, May 26, 2007.
U.S. Department of Defense, Military Power of the People’s Republic of China, 2007, May 2007.
[Clayton Dube, USC U.S.-China Institute]
Because the 19th Congress of the Chinese Communist Party is scheduled for the same week as our “Finding Solutions” conference, a number of China-based participants were forced to withdraw from the conference. We have postponed “Finding Solutions” until April 6, 2018. The focus of the event is still on the work of individuals, companies, and NGOs to address some of China’s pressing challenges. We apologize for any inconvenience this postponement causes. We hope you will be able to join this important discussion on April 6.
The USC U.S.-China Institute presents a talk by Michael Meyer, whose last book in his China trilogy tells a story both deeply personal and universal as he captures what it feels like to learn a language, culture and history from the ground up.
Please join the USC U.S.-China Institute for a presentation by Wei Yen (厳序纬), author and veteran businessman, to examine Chinese outbound investment and how American businesses can take advantage of China’s rise to forge win-win partnerships.