China's military drills around Taiwan show how it is closing the gap with the U.S.

An April 2018 photo provided by the Chinese government shows the country's first aircraft carrier, the Liaoning (front), steaming with other ships during a drill at sea. (AFP via Getty Images)

As Beijing conducts military drills around Taiwan in the wake of a controversial visit to the island by House Speaker Nancy Pelosi, it brings to bear much more potent naval, air force and missile capabilities than those it fielded a quarter-century ago during the last major crisis over the self-governed island.

The military exercises, which began hours after Pelosi departed on Wednesday and are expected to continue into the weekend, serve as a stark reminder of just how far China's military has come since 1995-1996, when Beijing fired salvos of missile near Taiwan and conducted naval exercises, including amphibious operations of the kind that would be necessary for a full-scale invasion of the island.