www.globaltimes.cn
Chinese defense spending for 2021 projected at 1350 trillion Yuan. Which would constitute a 6.8% rise up from previous year. If using current dollar to yuan rate, one gets 208 billion dollars.
Trying to adjust that figure for differences in costs is harder. One could go about it two ways. Using just the purchasing power parity ratio, as defined by IMF. Or using anecdotal living costs / average wave differences. The latter is certainly less precise but it perhaps is worth mentioning as using that the Chinese budget blooms to a few times its size.
Using PPP, Chinese budget may translate to 312 billion USD, trying for an apples to apples comparison with US budget.
Using average wage difference, Chinese budget may translate to as much as 416 to 520 billion USD.
While the later set of figures may very well be exaggerated, it's plausible the actual difference is at least at the level of the PPP difference,
meaning the actual Chinese defense spending is comparable to over 300 billion dollars.