William Bratton is author of "China's Rise, Asia's Decline." He was previously head of equity research, Asia-Pacific at HSBC.
Regional powers must act to curtail Beijing's military supremacy

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.