NEW YORK (MarketWatch) — China’s pilotless technology for the military is catching up with designs from the U.S. and Israel and may soon pose a challenge in the international marketplace, The Wall Street Journal reported Friday. The U.S. and Israel are currently the world’s leaders in drone technology and unmanned aerial vehicles, or UAVs. But austerity measures in the U.S. and among its European allies have contractors such as Northrop Grumman Corp. (NOC 63.22, +0.15, +0.24%) and Boeing Co. (BA 63.66, -0.95, -1.47%) looking overseas to expand their sales. Ironically, it’s the Chinese joint ventures with foreign aerospace companies that have given the Communist state the know-how to quickly develop its rival technology, the Journal reported. China bank move weighs on stocksPaul Vigna discusses Friday's market outlook, which is likely to be impacted by a move by China to tighten bank credit rules. Chinese companies displayed 25 different unmanned aerial vehicles, or UAVs, at this week’s Zhuhai air show, hosted across the bay from Hong Kong. Designs included a jet-powered reconnaissance and attack model with a radius of 1,250 miles, and a duck-sized spy drone with flapping wings. According to experts, China’s UAV technology is still several years behind that of the U.S. and Israel, but development has been rapid since the country introduced its first UAV four years ago, the newspaper said. China Aerospace Science & Industry, which claims to control 90% of the country’s domestic UAV market, said it has begun tapping markets overseas. “I can’t tell you which models we have sold overseas, a that’s a secret, but of course we’re very interested in exporting them,” said one company official, according to the report. Read more about Chinese drones on WSJ.com Christopher Hinton is a reporter for MarketWatch based in New York. | 
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