China's spending on R&D rises to new high in 2020

Xinhua
China's total expenditure on R&D amounted to 2.4 trillion yuan (US$377.7 billion) last year, up 10.2 percent, or an increase of 224.95 billion yuan compared with that in 2019.
Xinhua

China's spending on research and development hit a record high of 2.4 percent of its gross domestic product in 2020, up 0.16 percentage points from the previous year, data from the National Bureau of Statistics showed.

China's total expenditure on R&D amounted to 2.4 trillion yuan (US$377.7 billion) last year, up 10.2 percent, or an increase of 224.95 billion yuan compared with that in 2019, according to a report jointly released by the NBS, the Ministry of Science and Technology and the Ministry of Finance.

Investment in basic research stood at 146.7 billion yuan last year, accounting for 6 percent of the total R&D spending, the data showed.

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