China's spending on R&D hits 3 trillion yuan in 2022, 2.55% of its GDP

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China's spending on R&D hits 3 trillion yuan in 2022, accounting for 2.55 percent of its gross domestic product (GDP). /CFP

China's total expenditure on research and development (R&D) exceeded 3 trillion yuan (about $456 billion) for the first time in 2022, according to data from the National Bureau of Statistics.

It accounted for 2.55 percent of China's gross domestic product (GDP) last year, up 0.12 percentage points from the previous year.

The total R&D expenditure increased by 10.4 percent year on year, marking double-digit growth for the seventh consecutive year.

After deducting price factors, China's R&D spending in 2022 rose eight percent year on year, exceeding the target of seven percent growth annually during the 14th Five-Year Plan period (2021-2025).

The expenditure on basic research stood at 195.1 billion yuan last year, up 7.4 percent year on year. It accounted for 6.32 percent of the total R&D spending, marking the fourth year that the proportion was over six percent.