Chinas 2013 Military Budget went up 10.7% $114.3 Billion and is spending much more on defense than it discloses. In 2012, the DoD estimates China spent between $135 billion and $215 billion on military-related expenditures.
China buying up useless hardware and a second-hand Russian aircraft carrier (which is actually good for nothing) is not going to help them. Japan is having the best technology. China won't be able to match it even with a 10x budget.