People's Liberation Army intercontinental ballistic missiles at Tiananmen Square during a military parade to mark 80 years since Japan's defeat in World War II held in Beijing in September. Qilai Shen/Bloomberg/Getty Images Hong Kong Reuters —

Revenues at China ’s giant military firms fell last year as corruption purges slowed arms contracts and procurement, according to a study released on Monday by a leading conflict think tank.

The Chinese declines contrast with strong revenue growth globally for big arms and military-services companies, fueled by wars in Ukraine and Gaza , and global and regional tensions, the research by the Stockholm International Peace Research Institute found.

“A host of corruption allegations in Chinese arms procurement led to major arms contract

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