China's limited transparency concerning its defence spending harms strategic trust, but foreign analysts often lose sight of important realities. Specific details remain unclear, but China's defence spending overall is no mystery – it supports PLA modernization and personnel development as well as its announced objectives of securing China's homeland and asserting control over contested territorial and maritime claims, with a focus on the Near Seas (the Yellow, East, and South China seas). This article offers greater context and perspective for Chinese and Western discussions of China's rise and concomitant military build-up through a nuanced and comprehensive assessment of its defence spending and military transparency.