Trump Warns Drug-Trafficking Nations as Colombia’s Petro Issues Strong Rebuttal 
Trump and Lula Discuss Trade, Sanctions, and Security in “Productive” Phone Call 
Drones Spotted Near Zelenskiy’s Flight Path in Ireland Trigger Security Alert 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Oil Prices Slip as Russia-Ukraine Peace Hopes Fade and Oversupply Fears Grow 
California Launches Portal for Reporting Alleged Misconduct by Federal Immigration Agents 
U.S. Stocks Slip as Investors Await Fed Rate Decision and Monitor Market Shifts 
South Korea Inflation Edges Up in November as Food and Service Costs Climb 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Putin Concludes High-Level Talks With Trump Envoy on Ending Ukraine Conflict 
New Orleans Immigration Crackdown Sparks Fear as Federal Arrests Intensify 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
U.S. Cyber Monday Online Sales Surge Past $9.1 Billion as Holiday Shopping Momentum Builds 
Federal Judge Blocks Trump Administration’s Medicaid Funding Restrictions Targeting Planned Parenthood 
Trump Pardons Former Honduran President Juan Orlando Hernández in Controversial Move 
Revenues at China’s major state-owned military companies fell sharply last year as sweeping corruption probes disrupted procurement and delayed key defence projects, according to new research from the Stockholm International Peace Research Institute (SIPRI). The downturn stands in stark contrast to the global arms industry, which posted strong growth driven by rising conflicts and geopolitical tensions, including the wars in Ukraine and Gaza.
SIPRI’s analysis shows revenues for China’s top defence contractors dropped about 10% in 2024. This decline comes despite decades of rising defence budgets and Beijing’s efforts to accelerate military modernisation. Analysts say the fall reflects postponed or cancelled weapons contracts following a series of corruption allegations that hit China’s defence establishment, notably the People’s Liberation Army (PLA) and its influential Rocket Force.
The corruption purge, part of President Xi Jinping’s long-running anti-graft campaign, culminated in the expulsion of eight senior generals in October, including He Weidong, China’s second-highest-ranking officer. The shake-up raised concerns among diplomats and defence experts about delays in China’s modernization timeline, particularly for advanced missile systems, aerospace technology and cyber capabilities.
Key defence companies such as AVIC, Norinco, and CASC all saw revenue declines, with Norinco plunging 31% to $14 billion. Project reviews, leadership changes and slower aircraft deliveries contributed to widespread delays. These setbacks occurred even as China continues expanding its military power, deploying the world’s largest naval and coast guard fleets, developing next-generation aircraft carriers and advancing hypersonic missile technologies.
While China’s downturn made Asia-Oceania the only region to record declining arms revenue, the global industry grew nearly 6% to a record $679 billion. SIPRI researchers note that although corruption disruptions may temporarily slow China’s progress, long-term defence investment and political commitment to modernization remain strong, meaning key capabilities are still expected to materialize—albeit with higher costs, tighter oversight and potential programme delays.
