China's research and development (R&D) spending experienced significant growth in 2024, driven by efforts to bolster technological innovation.

The National Bureau of Statistics (NBS) reported Thursday that total R&D expenditures exceeded 3.6 trillion yuan (approximately $500 billion), marking an 8.3% increase from the previous year. R&D spending accounted for 2.68% of China's gross domestic product (GDP), a 0.1 percentage point rise compared to 2023.

Zhang Qilong, an NBS statistician, attributed the sustained growth to "improved favorable policies, a diversified investment landscape, and stronger business participation." With these advancements, China's R&D expenditure remains the second largest globally.

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China's R&D intensity, measured at 2.68% of GDP, ranked 12th among major countries and surpassed the European Union's average of 2.11%. It also approached the Organisation for Economic Co-operation and Development (OECD) average of 2.73%.

Investment in basic research saw a notable rise, increasing 10.5% from 2023 to reach 249.7 billion yuan, accounting for 6.91% of the total R&D expenditure.

Zhang highlighted China's commitment to basic research in recent years, stating, "Significant progress has been made in constructing major scientific appliances and infrastructure, with original achievements in fields such as quantum technology, life science, materials science, and space science."

At the Central Economic Work Conference in December, officials emphasized strengthening basic research and achieving breakthroughs in critical and core technologies. Efforts will reportedly focus on improving financial services, encouraging private sector investments, and fostering innovative enterprises.

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