Finance › Business

Faster rise in R&D spending

CHINA’S spending on research and development grew faster in 2017 as the country continued to push for innovation-driven development.

Preliminary calculations showed that R&D spending increased 11.6 percent year on year to 1.75 trillion yuan (US$280 billion) in 2017, 1 percentage point higher than in 2016, according to the National Bureau of Statistics yesterday.

The spending accounted for 2.12 percent of China’s gross domestic product, 0.01 percentage points higher than the previous year.

Chinese enterprises spent over 1.37 trillion yuan on R&D last year, up 13.1 percent from 2016, while R&D spending at government institutions and colleges rose 7 percent and 5.2 percent, respectively.

More StoriesLatest Business News

Steady growth on economy into 2018

3 DAYS AGO

China’s ODI keeps double-digit growth in January

4 DAYS AGO

Policies drawn for recycling of batteries

4 DAYS AGO