Global military spending at new post-Cold War high, fueled by US, China

China, the second biggest spender, saw military expenditure rise 5.0 percent to $250 billion last year, the 24th consecutive annual increase.

Global military expenditure reached its highest level last year since the end of the Cold War, fueled by increased spending in the United States and China, the world's two biggest economies, a leading defence think-tank said on Monday.

In its annual report, the Stockholm International Peace Research Institute (SIPRI) said overall global military spending in 2018 hit $1.82 trillion, up 2.6 percent on the previous year.

That is the highest figure since 1988, when such data first became available as the Cold War began winding down.

US military spending rose 4.6 percent last year to reach $649 billion, leaving it