China’s spending on research and development is on track to exceed the United States by 2025, according to new research, reported the South China Morning Post.
Meanwhile, the US has greatly underinvested in science and innovation, possibly impairing people’s standards of living, health, national competitiveness and capacity to respond to crises, the paper from the Aspen Institute, a Washington think tank, said.
“If China implements its current five-year plan, it will soon exceed the United States in total R&D expenditure,” author Benjamin Jones, a professor of entrepreneurship and strategy at Northwestern University in Illinois, said. “China has massively increased its science and innovation investments in pursuit of leading the world economically and strengthening its hand in global affairs.”
China’s R&D expenditure has grown 16% annually since 2000, compared with 3% in the US, according to Jones.