Noven [any]

Found the report

To better understand the size and scope of the Chinese military budget, adjustments for differences in buying power and labor costs are necessary

According to the World Bank, the whole-of-economy GDP– purchasing power parity adjusted conversion factor was 3.99 yuan per dollar in 2022.29 This is noticeably lower than the average market exchange rate of 6.74 yuan per dollar in 2022,30 indicating that the true buying power of Chinese military spending could be higher than it first appears, if purchasing power parity remotely holds for military goods.

They’re literally arguing that if the Chinese military was as inefficient as the US military their budgets would be the same

the United States military budget is one of the most transparent in the world; meanwhile, China’s ranks as one of the least.9

While these adjustments for differences in buying power between the US and Chinese economies help paint a more complete picture of Beijing’s budget, this $549 billion topline estimate does not include the vast uncounted military expenditures that China notably excludes from its military topline. In its annual report on Chinese military developments, the Pentagon confirmed that Beijing’s published military budget also “omits several major categories of expenditures and its actual military-related spending is significantly higher.”

Your military needs to uphold stock market prices through inflated military contracts, of course it’s going to be more transparent on spending so Wall Street can gamble responsibly.

I’m sorry I ever doubted you Deng