China has just announced the Census figures - a very very small increase in population (and a lot of people think that's massaged). The percentage of the population that is retired is going up very fast - by 2040 it'll be like the West and by 2050 every working Chinese will be supporting 2 non-working I think
That really cuts into the funds available for defence spending. The Govt is far too scared to increase the retirement age from 60, and the Chinese Health and Social care system is far behind most other E Asian countries. Looks like peak years for new spending could be between now and 2030 - after that they're in the same boat as the rest of us