Global militarisation has increased rapidly over the course of the 21st century, with a clear recalibration towards the Asia Pacific. Between 2000 and 2021, annual military spending increased from $1.12trn (in 2020 dollar terms) to $2.11trn. In that time, the share of global defence spending in Asia and Oceania increased from 18% to 28%, according to data compiled by the Stockholm International Peace Research Institute.
Growing concerns over China, whose defence spending has increased steadily for nearly three decades, has fuelled an arms race across the region, upending decades-long regional conventions and revealing several potential flashpoints.
