Spending heavily *only* helps relative to oneself. UNLESS your opponent reduces spending - and the worst case there is (your opponent) stop spending. So, you can spend as much as you want, but if your opponent *also* spends as much as he wants the relative gap will always remain.However they are already spending a lot on R&D and have made advances in many sectors technologically. Never underestimate the lizard especially now their economy have grown substantially over last two decades which will give them the necessary tools and resources catch up.
China closed the "gap" by stealing, so her R&D is still weak - you cannot buy your way into R&D. And there are no short cuts for R&D, you have burn your fingers many a times. So, Chinese spending is good, but her present situation is because of stealing technologies and not based on her own R&D. And, of course lying about everything - that never helps.
Secondly, there is this little issue of collaborative spending. Or pooling. Keep a very close watch on the Indo-US interaction - especially with NaMo at the helm. The outcome may surprise most. (#Strategic!!)
It is getting to be really interesting.