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January 4, 2016

China lands its first flight on Fiery Cross Reef runway in South China Sea

China has reportedly landed its first civilian flight on the runway of one of its newly constructed islands on the Fiery Cross Reef in Spratly Islands, South China Sea.

China has reportedly landed its first civilian flight on the runway of one of its newly constructed islands on the Fiery Cross Reef in Spratly Islands, South China Sea.

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What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:
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The 3,000m (10,000ft) military length runway is the first of many that China is constructing across the expanse of the sea.

It is equipped to handle long-range bombers and transport craft, as well as China’s jet fighters, boosting the country’s strategic stronghold in the sea.

"That’s the fear, that China will be able take control of the South China Sea and it will affect the freedom of navigation and overflight."

The attempt has invited a flurry of speculations, as well as criticisms across the world.

Philippines Foreign Ministry spokesman Charles Jose was quoted by Reuters as saying: "That’s the fear, that China will be able take control of the South China Sea and it will affect the freedom of navigation and freedom of overflight."

US State Department spokesman John Kirby added: "We again call for all claimants to halt land reclamation, further development of new facilities, and the militarisation on their outposts, and instead focus on reaching agreement on acceptable behavior in disputed areas."

China, however, had rejected all criticisms and defended that the test flight was undertaken to ensure the runway’s functionality to serve civilian planes.

Foreign Ministry spokeswoman Hua Chunying was quoted as saying: "relevant activity falls completely within China’s sovereignty."

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Free Report
img

What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:
  • Details on the defense budget
  • Drivers of defense spending
  • Key trends impacting the market
Download the full report so you can formulate winning strategies for the road ahead.
by GlobalData
Enter your details here to receive your free Report.

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