In aerospace and defense, as in so many other sectors, South Korea is often seen as forever trying to mimic and catch up with Japan—whether by developing combat aircraft with U.S. help, building warships increasingly comparable to Japan's or, most recently, setting out plans for space launchers.

One of the criticisms of China's policy in aerospace is that it focuses on glamor rather than profit. And it is true that the government and its manufacturers do pour public funds into high-profile projects to make complete aircraft, even though it might be more profitable to focus on the duller but serious business of making parts and supplying services to the global industry. In fact, China is doing both. While the state is chasing headlines and glory and deferring profits, private enterprise is just chasing the money.

BEIJING — China’s DF-21D anti-ship ballistic missile is still in development, the chief of the Chinese general staff says, despite U.S. assessments that the potentially revolutionary weapon is operational. The missile has a range of 2,700 km (1,680 mi.), the China Daily says in its report carrying the comments of Gen. Chen Bingde. The range figure seems well in excess of U.S. estimates, most recently stated as more than 1,500 km. The program has encountered a lot of trouble, says Chen, who also acknowledges China’s aircraft carrier program.