2024 RT Amination Banner.gif

China Daily

News> Nation> Content
Sunday, March 03, 2019, 17:24
China's spending on R&D rises to 2.18% of GDP
By Xinhua
Sunday, March 03, 2019, 17:24 By Xinhua

China's spending on research and development saw the record fastest growth in 2018, according to official data. (PHOTO / VCG)

BEIJING – China's spending on research and development (R&D) increased to 2.18 percent of its GDP last year, up by 0.06 percentage points, according to the National Bureau of Statistics (NBS).

China spent over 1.96 trillion yuan (about US$293 billion) on R&D in 2018, up 11.6 percent compared with that in 2017, according to the NBS.

READ MORE: Innovation on the rise, as companies ramp up their spending on R&D

The number of patent applications saw a year-on-year increase of 16.9 percent last year, amounting to 4.32 million home and abroad.

ALSO READ: China R&D spending sees rapid growth in past decades

According to the Global Innovation Index, China's global ranking in terms of innovation jumped from the 22nd in 2017 to 17th in 2018.


Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !