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When the Soviet Union imploded in 1991, the Communist Party of China became obsessed with understanding why.Chinese leaders also highlighted other important factors, not all of which China's leaders seem to be heeding today.At first glance, it may not seem that China is really engaged in an arms race with the U.S. After all, China's official defense budget for this year – at roughly $175 billion – amounts to just one-quarter of the $700 billion budget approved by the U.S. Congress. But China's actual military spending is estimated to be much higher than the official budget: According to the Stockholm International Peace Research Institute, China spent some $228 billion on its military last year, roughly 150 percent of the official figure of $151 billion.If China had a sustainable growth model underpinning a highly efficient economy, it might be able to afford a moderate arms race with the U.S. But it has neither.Now, China has pledged to provide $62 billion in loans for the "China-Pakistan Economic Corridor".The Sino-American Cold War has barely started, yet China is already on track to lose.
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