The Organization for Economic Cooperation and Development (OECD)
announced in a biannual report that China ascended to the world's third-largest spender
on research and development (R&D).
Total R&D spending by China in 2001 was just
under US$60 billion. The total put China behind the United States and Japan, who spent
US$282 billion and US$104 billion respectively. The lionshare of the increase in R&D
spending is attributed to a rise in business investment and China's development of local