According to SIPRI data, China has increased its military expenditure by over 800 percent since 1992. At around US$266 billion in 2017, The Chinese spent significantly more than the Russians (around US$64 billion), but their spending was still well below that of the U.S. (around US$719 billion).
Still, the Chinese spending spree has had some consequences. The country’s military prowess was a reason U.S. President Trump cited last year when he announced that his government would terminate the INF treaty with Russia. The U.S. formally withdrew in August of 2019. China was not a contracting party in the INF, but given Russia's proximity to China, Chinese medium-range nuclear missiles have contributed to a strategic disadvantage for the USA. Trump is therefore striving for a trilateral agreement with both China and Russia, but China recently said it was unwilling to join such an initiative.
The agreement on Intermediate Range Nuclear Forces (INF) was signed in the 1980s between the USA and the USSR for disarmament purposes. It detailed that both sides must dismantle land-based ballistic missiles and cruise missiles with ranges between 310 and 3,420 miles.