News Analysis
As wars in Ukraine and Gaza drive demand for weapons, most of the world’s largest arms companies are selling more than ever, while China’s arms giants are seeing their sales shrink.
Why China’s Big Arms Makers Are Shrinking While Global Weapons Sales Surge
Global demand for weapons is booming, but China’s big defense companies are losing revenue as purges, budget strains, and weak exports hit key programs.
Chinese missile launchers during a military parade marking the end of World War II, in Tiananmen Square in Beijing on Sept. 3, 2025. Kevin Frayer/Getty Images
