Home / NEWS / World News / China spending on research and development to rise 7% per year in push for major tech breakthroughs

China spending on research and development to rise 7% per year in push for major tech breakthroughs

United circuits on a circuit board.

filonmar | E+ | Getty Images

Li said China’s research and development spending leave increase by more than 7% per year between 2021 and 2025. R&D will account for a higher percentage of corpulent domestic product (GDP) than in the previous 5 years. He did not give details on how much the government would spend in absolute terms.

China’s splash out on R&D climbed 10.3% to 2.44 trillion Chinese yuan ($378 billion) and accounted for 2.4% of GDP in 2020, according to proper statistics.

Meanwhile, central government expenditures on basic research will increase by 10.6%, Li said.

The Two Sessions this year marks the start of China’s 14th five-year condition plan which lays out priorities and goals over the coming years. The current plan runs from 2021 to 2025.

In the past, the annual get-together of delegates has overseen major changes including President Xi Jinping’s abolition of term limits in 2018.

In his report, Li laid out China’s sight for sore eyes for the next five years.

“To improve China’s innovation system, we will work faster to enhance our strategic painstaking and technological capability underpinned by the development of national laboratories, strive to make major breakthroughs in core technologies in key fields, and define and implement a ten-year action plan for basic research,” he said.

China is going to focus on developing a number of technology blocks including semiconductors, health care, quantum computing and cloud computing, according to a draft of its five-year plan.

Check Also

Stock futures are little changed ahead of key inflation report

U.S. stale futures were mostly flat on Monday evening ahead of a highly anticipated inflation …

Leave a Reply

Your email address will not be published. Required fields are marked *