China’s military firms struggle as corruption purge bites, report says

HONG KONG: Revenues at China’s giant military firms fell last year as corruption purges slowed arms contracts and procurement, according to a study released on Monday by a leading conflict think tank. The Chinese declines contrast with strong revenue growth globally for big arms and military-services companies, fueled by wars in Ukraine and Gaza, and global and regional tensions, the research by the Stockholm International Peace Research Institute found.

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