China’s research and development spending reaches record high of $378 billion

China's research and development expenditures hit an all-time high of $ 378 billion

According to the country’s National Bureau of Statistics, China’s research and development spending has increased 10.3% in 2020 to 2.44 trillion Chinese yuan ($ 378 billion).

The agency said in a press release on Sunday that R&D expenditures seeking to develop new services or products make up 2.4% of China’s gross domestic product.

It’s a new record for China, but it’s also the slowest incremental growth in five years, down from a 12.5% ​​increase in 2019.

The agency said that by the end of 2020, China had 522 “national key laboratories” and 350 “national technical research centers” in operation.

It added that approximately 457,000 projects were funded by the National Natural Science Foundation of China last year and 3.6 million patents were granted, an increase of 40% from 2019.

Washington has imposed several policies in recent years to curb China’s rapid growth.

It blacklisted dozens of Chinese companies last year and blocked global chip deliveries to blacklisted telecom giant Huawei last year, citing concerns about national security. Huawei has repeatedly denied that its equipment contains loopholes that could be exploited by the Chinese government for espionage purposes.

As the world’s supply chains have become more unstable, China and other countries have taken steps to try to strengthen their “technological sovereignty” and become more self-reliant on essential core technologies such as 5G and semiconductor chips.

“Growing geopolitical uncertainties and the threat of global trade conflicts question the optimism of recent decades about the interdependence of our economies,” Germany’s Fraunhofer Institute for Systems and Innovation Research said in a report last July.

China’s National People’s Congress is reportedly set to announce other new measures this week that will further boost China’s ability to innovate independently.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
News boom over Mother’s Day weekend sending help needed to Triangle restaurants ::  News

News boom over Mother’s Day weekend sending help needed to Triangle restaurants :: News

“I think the rollout of the vaccine, and people being vaccinated is giving people the comfort to come out,” said Cantina 18 owner Jason Smith. “And let’s be ...
Crystal Holy Cross, RN, CMSRN – SCL Health – St. Vincent Healthcare |

Crystal Holy Cross, RN, CMSRN – SCL Health – St. Vincent Healthcare |

While she never wondered what she would do after growing up, Holy Cross did not take up nursing right away. She began her career as the owner of an excavation ...
Over 124 Metro Schools laptops reported stolen or missing from Nashville

Over 124 Metro Schools laptops reported stolen or missing from Nashville

The majority of the laptops – 87 – were reported lost with the remaining 37 stolen. After serving as a lifeline for parents struggling to educate their ...
Adventure Game The Wardrobe Arrives on Xbox One

HighFleet is an action-adventure game unlike any other I’ve ever played

Its closest relative is probably FTL. HighFleet puts you in command of a ship on a dangerous mission, undertaken across a large map dotted with cities that ...
Secretary of State warns of misleading business direct mail

Ant Group announces reform as China tightens control

“Under the guidance of financial regulators, Ant Group will spare no effort in implementing the rectification plan,” the company said in a statement. “Using ...
Can companies require their employees and customers to receive the COVID vaccine?

Can companies require their employees and customers to receive the COVID vaccine?

“The Equal Employment Opportunity Commission has issued guidelines saying that employers can require that employees have the vaccine in order to work,” ...
Xbox exclusive highlight: Lake

Xbox exclusive highlight: Lake

Source In our Xbox exclusives round-up, we suggested that Lake might be perfect for fans of Eastshade, Life is Strange, and Deadly Premonition (although, ...
Wine that went on sale at a price of $ 1 million

Wine that went on sale at a price of $ 1 million

At a taste test in March at the Institute for Wine and Vine Research in Bordeaux, France, a dozen wine connoisseurs compared one of the space-travelled wines ...
How Brazil is reforming a public fund to finance broadband expansion

Interpreter Zhe ‘Shelly’ Wang allegedly denies dividing Bill and Melinda Gates

She ended her message with a link to a story titled “#Gates divorce, some vicious people rumor to vilify an innocent Chinese girl.” “I would like to thank ...
Gwinnett County To Install Speed Cameras in School Zones

Gwinnett County To Install Speed Cameras in School Zones

County commissioners approved a request from Gwinnett County police to install speed cameras in some school zones in the county on Tuesday. The request was ...
Show next
Compsmag - Latest News from tech, business and health
Logo