State-owned China North Industries and Aviation Industries have joined the ranks of the world’s ten largest defense firms, The Wall Street Journal reported, citing a report by the Stockholm International Peace Research Institute. With revenues at arms makers like Lockheed Martin and Boeing shrinking in recent years, double-digit expansion of China’s military budget has allowed mainland suppliers to grow faster than the industry average. “China feels it is a power that has to beef up its military muscle,” said Siemon Wezeman, a senior researcher at the institute, whose annual rankings are watched closely by the industry and policymakers.
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