The first aircraft carrier that was designed and built in China was launched Wednesday, amid streamers and champagne. So far it is unnamed. China has the second largest military in the world, its estimated that they spend about 148 billion dollars. The new carrier still does lag behind the US technologically but it is likely just a stepping stone to Chinas next generation of aircraft carriers. Sources believe that this was probably just designed to get China in the aircraft carrier game, and while it was a huge advance the next carrier deigns will be much closer to a US carrier and it will not be active until 2020.