China spent 1.76 trillion yuan on R&D in 2017

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China’s total spending on research and development is estimated to have hit 1.76 trillion yuan (279 billion US dollars) last year, announced Wan Gang, China's Minister of Science and Technology, a year-on-year increase of 14 percent.

“China needs to enter the ranks of innovative countries and become a big technological innovation power by 2050,” he said. “Basic research and frontier exploration is the big lesson that must be done now.”

China has been trying to ease its dependence on low-end heavy industries and to develop less-polluting ways to promote economic growth and move up the global value chain.

Wan Gang, China's Minister of Science and Technology /Reuters Photo

The 2017 spending amounted to around 2.1 percent of the total gross domestic product, Reuters calculated. This compares with around 2.8 percent in the United States, 2.9 percent in Germany and 3.3 percent in Japan, World Bank data for 2015 shows.

China’s annual R&D spending has risen 70.9 percent from 2012, Wan noted.

China has established dozens of new high-tech industrial parks and incubators aimed at promoting technologies such as artificial intelligence, robotics and big data.

The country is also investing heavily to dominate industries such as renewable energy, high-speed trains and electric vehicles.

Wan told reporters that China was aiming to bring the output of electric vehicles up to two million units by 2020, double the estimated volume for this year.

Source(s): Reuters ,Xinhua News Agency