By 2049, the centenary of the PRC’s founding, China plans to be the world’s most technologically advanced country. To achieve this, Beijing pursues an aggressive strategy of technological innovation promotion that aims to put China in the top tier of innovative countries worldwide by 2035. It also aims for the creation of a world-class military. In the face of toughening strategic competition between China and the US, the Chinese goal is to match American military power and defence-industrial innovation capacity. This supposedly requires weapon systems that enable a) net-centric warfare operations; b) a complete nuclear triad including a seaborne deterrent; c) global power-projection capabilities, including several aircraft carrier battle groups; and d) the necessary space and cyber capabilities to enable and support such missions. China has already demonstrated technological mastery in some advanced military-technological niche fields, such as ballistic missiles and unmanned systems, and is poised to take a leading role in a few cutting-edge areas such as quantum computing and AI. Deficiencies continue to exist in several critical technology fields, especially propulsion systems and defence electronics. China’s arms industries are overwhelmingly state-owned, and despite reforms the sector remains characterized by over-bureaucratization, overcapacities, cost overruns, quality control problems, and corruption.