China boosts R&D spending

Added On October 12, 2017

China's spending on research and development (R&D) resumed double-digit growth in 2016, closing in on the level of developed countries.
The National Bureau of Statistics said, R&D spending rose 10.6 percent year on year to about 234 billion U.S. dollars in 2016.
R&D spending now accounts for 2.11 percent of China's GDP.
More money was given this year to fundamental research, with high-tech firms and private research firms spending more. 
However, according to Guan Xiaojing, a senior statistician with the NBS, spending on fundamental research remained low compared with developed countries.
He added that China still lags far behind major innovation-driven economies such as Israel, the Republic of Korea and Japan.
According to official figures, China had 5.35 million people working in R&D at the end of 2015, the world's largest pool of R&D talent.