Does military expenditure equal military strength?

China's defense budget will grow 7%, whichi is the first time breaking one trillion RMB military expenditure. It's reported that this growth is the smallest in 10 years, of which the total amount is only 1 / 4 of the United States' defense budget.Australia is one of the countries which have the highest per capita defense spending, how do we evaluate a country's military spending? Does military expenditure equal military strength? Associate Professor Zhang Jian,NSW defence expert at the University of New South Wales, had comments on the topic. He first analyzed the reasons for the decrease in China's military spending.

ما هو دور القوات الاسترالية في ضربات التحالف الجوية على مدينة الرقة السورية العام الماضي؟ Source: SBS