A surge in weapons production has helped China become the world's third largest arms dealer after the United States and Russia, according to a new report by the Stockholm International Peace Research Institute (SIPRI) published Monday.

China nearly doubled its arms exports between 2011 and 2015; it jumped by 88% compared to the period between 2006 and 2010, the report shows. In doing so, China overtook Germany, France and the United Kingdom in exporting weapons; the country now accounts for about 6% of the world's exports of arms.

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Most of China's arms sales went to countries in Asia and Oceania, the report continues; 35% of them went to Pakistan.

"China continues to expand its military capabilities with imported and domestically produced weapons," said Siemon Wezeman, senior researcher for SIPRI's arms and military expenditure program. "The equipment that they produce is much more highly advanced than 10 years ago, and attracts interest from some of the bigger markets."

U.S. and Russia still remain global leaders

Weapons delivered by a U.S. air force plane at a Lebanese military base at Beirut International Airport in 2014.

Despite China's leap in global rankings, it lags way behind exports of the top two dealers on the list: the U.S. and Russia.

SIPRI research shows regional conflicts and tensions are keeping the U.S. and Russia at the top of the list of global arms suppliers, accounting for 33% and 25% of the world's weapons exports, respectively

The U.S. has sold or donated major arms to at least 96 states in the past five years, according to SIPRI's Aude Fleurant.

Meanwhile, Russian arms sales have increased by almost a third since President Vladimir Putin returned to the role of president in 2012. The country's main export destinations are India and China, according to the report.

Russian President Vladimir Putin (L) holds a Kalashnikov machine gun during his visit to the Kalashnikov manufacturing plant in 2013 in Izhevsk, Russia.

Over the past five years, Russian weapons were sent to 50 states and to the pro-Russian separatist militias fighting Ukrainian government forces in eastern Ukraine, SIPRI states.

The war is Syria has helped Russia, which launched a military campaign there in September, to show potential arms buyers who would want to see Moscow's weapons used in actual combat.

A jump in arms imports by Middle Eastern states

Overall, SIPRI says global weapons deals increased by 14% in 2011 to 2015, compared to 2006 to 2010.

It's not surprising that arms imports by states in the Middle East — where wars on several fronts are currently being fought — rose by 61% in 2011 to 2015, compared to the 2006–10 period.

France, Germany, Britain, Spain and Italy together accounted for 20% of worldwide arms deals between 2011 and 2015. But France's exports dropped by almost 10% compared to the previous five-year period, while Germany's were cut in half. SIPRI said Europe's struggling economy was to blame.