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China’s spending on R&D hits 3 trln Yuan in 2022

China’s spending on R&D hits 3 trln Yuan in 2022

BEIJING: China’s total expenditure on research and development (R&D) amounted to nearly 3.09 trillion yuan (about US$456 billion) in 2022, up 10.4 per cent year on year, according to the National Bureau of Statistics (NBS).After deducting price factors, China’s R&D spending in 2022 rose 8 per cent year on year, said the NBS.Xinhua reported that China’s total spending on R&D accounted for 2.55 pe rcent of its gross domestic product last year, up 0.12 percentage points from the previous year.Investment in basic research stood at 195.1 billion yuan last year, up 7.4 per cent year on year, accounting for 6.32 per cent of the total R&D spending, the data showed. - Bernama

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