China will spend about $377.7 billion on research and development in 2020

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China’s spending on research and development rose to a new record high of 2.4 percent of its gross domestic product in 2020, up 0.16 percentage points from 2019, data from the National Statistics Authority showed.

China’s total spending on research and development rose to 2.4 trillion yuan (about 377.7 billion US dollars) last year, up 10.2 percent, or 244.95 billion yuan, over 2019, according to a report jointly issued by the National Statistics Authority, the Ministry of Science and Technology and the Ministry of Finance.

The data showed that investment in basic research reached 146.7 billion yuan last year, accounting for 6 percent of the total spending on research and development.

The article China spends about 377.7 billion dollars on research and development in 2020 was written in Al Borsa newspaper.