China’s economy is struggling with weak economic sentiment, a housing market downturn, deteriorating demographics and economic decoupling among other challenges. Wider recognition of these issues has led many to (perhaps prematurely) proclaim that China’s threat to US-led hegemony is over. As we laid out in a recent Viewpoint, even while the size of China’s economy may be overstated, its progress in certain areas might be understated. Military spending may be one example of this…