Are the US and China in a new arms race?

China's leader Xi Jinping told the crowds watching today's massive military parade in Beijing that "the Chinese nation is a great and self-reliant nation that is never intimidated by bullies." It was clearly a message aimed at Washington. But China's neighbors in Asia are certainly taking note, as well. Experts say today's public display of Chinese military hardware is further confirmation that a new arms race is well underway. The World's Matthew Bell reports.