China’s military budget is anywhere between 40% and 90% more than the amount publicly disclosed by the government in Beijing, according to the Defense Department's annual assessment of Chinese military capabilities. The assessment, known as the China Military Power Report , states that while Beijing announced a “public defense budget” in 2023 that was $220 billion, the actual amount is currently somewhere between $330 billion and $450 billion. “This range reflects a standardized estimate in market exchange rates and purchasing...