The U.S. Navy can’t meet its funding needs for surface warships and a new class of nuclear attack submarines from 2025 to 2034, according to the service’s latest 30-year shipbuilding plan.
The congressionally required blueprint, submitted late last week and obtained by Bloomberg News, says the Navy’s plan “requires funding at an unsustainable level” unless spending on shipbuilding is increased. Continue reading
Washington: A US congressional advisory panel sounded a warning Wednesday about China’s military buildup, predicting Beijing could possess the largest fleet of modern submarine and combatant ships in the western Pacific by 2020.
The US-China Economic and Security Review Commission said China’s military modernisation is altering the balance of power in the Asia-Pacific region and challenging decades of US pre-eminence. Continue reading
(Reuters) – State-backed China Shipbuilding Industry (601989.SS) plans to raise up to $1.4 billion through a private share sale to buy assets used for building warships, the first time Beijing is tapping the capital market to fund its military expansion.
The move comes as China creates its own military-industrial complex, with the private sector seen taking a key role, as the country gains a new sense of military assertiveness and deals with a growing budget to develop modern equipment including aircraft carriers and drones. Continue reading