It doesn't really affect any Europeans (unless they're stupid on a national level), but for the about 40% American readers I'd like to point out a simple statistic:
|link to '14 source|
Wikipedia has an entire article with about the same message about PR Chinese %GDP mil spending stability.
Neither the PRC's actual GDP nor its actual military spending are known accurately, so this may be considered a first approximation. It's also the best known approximation. Anybody who suggests that the PRC is arms racing with huge and escalating military budgets (beyond stable %GDP) would almost inevitably lack robust data to support that claim.
I didn't take the time to test his thesis, but I suppose if you look at CIA publications such as CIA World factbooks of the past 10-20 years you'd get about the same picture. The website claims 1.99% GDP in 2012 as latest figure (link to CIA World Factbook). United States: 4.35% GDP (2012).
The noises made about the PR China - particularly from naval-interested people aligned with USN special interests - suggest a completely different picture of China, for sure.