China has risen in the central government’s own ranking of innovation capability, amidst sharp gains in research and development (R&D) spending.
China currently ranks 12th internationally in terms of comprehensive innovation capability, according to figures recently released by the Chinese Ministry of Science and Technology (MST).
In 2021 China’s total social R&D investment was 2.79 trillion yuan, for a year-on-year (YoY) rise of 14.2%, while its R&D investment intensity lifted to 2.44%.
China’s 14th Five Year Plan (2021 – 2025) sets the target of average annual growth in R&D spending of at least 7%, with basic research accounting for a share of at least 8% of such spending.
The Plan also sets the target of the added value of strategic emerging industries accounting for over 17% of Chinese GDP.