The U.S. and China led the growth in global defense spending, which hit a new high in 2020 despite the economic stress brought on by the coronavirus pandemic, a report said Thursday.

In its annual report on military power, the International Institute for Strategic Studies said total military expenditures added up to $1.83 trillion in 2020, a 3.9% increase over the previous year. “This came despite the coronavirus pandemic and the subsequent contraction in global economic output,” the London-based think tank said in a statement.

The United States remained the top spender, accounting for 40.3% of global spending. But China and other Asian powers concerned about Beijing’s rise also spent more, albeit at a somewhat slower pace than in 2019 because of the pandemic, IISS said in its “Military Balance” report.

In Asia, overall spending was up 4.3%, down from the 4.9% growth rate of the previous year. Beijing boosted expenditures by $12 billion, or 5.2 %, with total spending at $193.3 billion.

Only army and tech/media giants are holding US now, and one can not exist without the other.