The sentiment was initiated by Jack Ma, chief executive of Alibaba, during the recently concluded World Economic Forum in Davos, Switzerland.
Jack Ma hit the U.S. for allocating a majority of its budget for the past 30 years on 13 overseas wars. In particular, according to the internet mogul, the U.S spent $14.2 trillion instead on investing in domestic infrastructure and social services.
"You're supposed to spend money on your own people, right? We should spend money on those people who are not good at schooling," Ma remarked.
Similarly, the chairman of one of the largest beverage companies in China, Wahaha, commented on the U.S. budget priorities.
Zong Qinghou said that even countries who supported America's military campaigns are now struggling. He said, "The U.S., as one of the world's largest countries, should work to maintain economic development and global peace."
According to a report by the International Institute for Strategic Studies (I.I.S.S.) revealed that the U.S. still has the largest military budget in the world. In 2016, America has $597 billion in expenditures on defense.
John Chipman, director-general and chief executive of I.I.S.S., said:
"Access to military-relevant high technologies is growing and this leveling of the technological playing field presents governments with a challenge not just to keep pace with the latest technology and monitor its proliferation but also cope with the blurred boundaries between civil and military technologies and offensive and defensive military systems."
The director noted that the increased spending on defense and weapons is pushed by the rapid pace of weapons technology. This fast pace pushes governments to spend more.
Due to worsening domestic economies, the British government, as well as four out of 26 member countries of the North American Treaty Organization, committed to lowering their military spending.