China's R&D spending expected to hit 279 bln USD for 2017

Source:Xinhua Published: 2018/2/26 19:24:56

China's spending on research and development (R&D) is expected to reach 1.76 trillion yuan (about 279 billion US dollars) for 2017, up 70.9 percent from 2012, Minister of Science and Technology Wan Gang said Monday.

Based on current calculations, about 77 percent of the spending in the year was contributed by enterprises, Wan said at a news briefing.

China ranked second in the number of international papers and citations while leading other countries in the number of invention patents and invention patent applications, the minister said.

China was ranked 17th on the national innovation index report by the Chinese Academy of Science and Technology for Development (CASTED) in 2017, rising from 20th in 2012, Wan said.

The country's innovation-driven development strategy has greatly improved people's livelihood in past years, with China accounting for more than 60 percent of the world's high-speed rail mileage, the official said.

China aims to increase its annual per capita spending on R&D to 500,000 yuan by 2020 from 370,000 yuan in 2014, according to the 13th five-year plan for national science and technology talent development (2016-2020).

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