(Yicai Global) Feb. 25 -- More companies should get involved in innovative scientific research and increase their investment in research and development in order to drive the city’s standing as a global science and innovation center, the Minister of Science and Technology said today.

The ministry will provide additional support for businesses to help them further engage in basic innovative research, technological innovation and the commercialization of achievements, Wang Zhigang said today. It will also encourage them to hike investment in R&D.

State-owned and private companies will get equal treatment in terms of innovation so as to share the opportunities fairly, he said. Last year’s technology contract turnover is expected to be more than CNY3.7 trillion (USD586 million).

Three-quarters of China’s investment in R&D comes from businesses. But there is still limited and unbalanced investment in basic research, which can lead to fundamental breakthroughs but which is much more difficult than building on an existing body of work, Wang said.

R&D investment accounted for 2.4 percent of the country’s gross domestic product last year. CNY2.8 trillion (USD441.4 billion) of this came from private enterprises, a gain of 14.2 percent from a year earlier. Investment in basic research climbed 15.6 percent year on year to account for 6 percent of R&D investment.

China placed 12th in the world last year in terms of national innovation capability, according to an annual ranking by the Chinese Academy of Science and Technology for Development.

Editor: Kim Taylor