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China has already won Asia's arms race

Regional powers must act to curtail Beijing's military supremacy

| China
Philippine Marines wave during a resupply at their military outpost, the BRP Sierra Madre, a marooned transport ship in the South China Sea in March 2014: Asian countries' militaries are chronically underfunded.   © Reuters

William Bratton is author of "China's Rise, Asia's Decline." He was previously head of equity research, Asia-Pacific at HSBC.

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