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>Are they, ya know, actually building carriers yet?
In about 5 years time they're probably going to triple or quadruple their defence spending in one big leap - then they'll start building a lot of cool shit.
Right now they're at about 1.4% of GDP as defence spending - and in 2011 they are going to become the second largest spender in real terms even though they're devoting such a low amount of GDP towards it.
If they increased their % of GDP to American levels, they could be the biggest spender by 2017.