Asia military spending

For the first time in modern history, Asia's defense spending will exceed Europe's this year, according to the "Military Balance 2012" report released on March 7 by the International Institute for Strategic Studies, a London-based think tank.

Foreign media like to trumpet loudly that China's growing assertiveness is fueling this boom in military spending. But to a large extent the increased military spending in Asia simply reflects the eastward shift in global economic power.

In fact, it is the decline in Europe's defense spending that has produced this watershed moment rather than any growing belligerence on Asia's part.