ECONOMY
R&D Progress
China’s spending on research and development (R&D) hit a record high at 2.23 percent of its GDP in 2019, 0.09 percentage point higher than the previous year, data from the National Bureau of Statistics (NBS) showed on August 27.
Total expenditure on R&D amounted to 2.2 trillion yuan ($321.3 billion) last year, up 12.5 percent year on year, according to a report jointly released by NBS, the Ministry of Science and Technology and the Ministry of Finance.
The figure has seen doubledigit growth for four consecutive years, with the growth pace last year quickening by 0.7 percentage point from the previous year, said Deng Yongxu, an NBS statistician.
Investment in basic research stood at 133.56 billion yuan ($19.4 billion) last year, accounting for 6
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