Racking Up Over CNY1.5 Trillion in Investment Last Year, China's Sci-Tech Resumes Double-Digit Growth
Tang Shihua
/SOURCE : Yicai
Racking Up Over CNY1.5 Trillion in Investment Last Year, China's Sci-Tech Resumes Double-Digit Growth

(Yicai Global) Oct. 11 -- China's investment in science and technology last year rose by 10.6 percent annually, the latest figures released by China's National Bureau of Statistics (NBS) show.

It thereby recovered growth at a rate of more than 10 percent after experiencing single-digit growth in 2014 and 2015.

China invested CNY1.568 trillion in total in research and development (R&D), up 10.6 percent on the previous year, with the growth rate up by 1.7 percentage points, the NBS bulletin shows.

This is also the first pick-up in the growth of China's R&D investment after declines for four consecutive years since 2012.

Funding for basic research was CNY82.29 billion, an increase of 14.9 percent, while funding for high-tech manufacturing R&D was CNY291.57 billion, up 11 percent from the previous year and 1.4 percentage points higher than the industry average.

The enthusiasm of businesses to ply R&D activities has continued to wax, the NBS bulletin noted. The R&D expenditures of various businesses increased by 11.6 percent compared with the previous year, up 3.4 percentage points.

Driven by relevant policies, private research and development institutions logged R&D outlays of CNY51.42 billion in 2016, an increase of 22.3 percent, becoming a new force for research and development, the data show.

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Keywords: R&D , NBS