Beijing: China’s research and development spending surged in 2024, up 50 percent from the end of the 13th Five-year Plan period (2016-2020), Zheng Shanjie, Head of the National Development and Reform Commission, said Wednesday. Speaking at a press conference, Zheng highlighted the significant progress China has made in advancing sci-tech innovation.
According to Emirates News Agency, Zheng reported that last year, the total research and development spending across society increased by 50 percent, or 1.2 trillion yuan (about US$166.7 billion), compared to the end of the 13th Five-Year Plan period. The research and development spending intensity rose to 2.68 percent, approaching the average level of the Organisation for Economic Cooperation and Development countries.
China Central Television (CCTV) quoted Zheng as saying that China has established a leading position in several key technological innovation areas of national importance.