China plans to increase spending on research and development to 2.5% of its gross domestic product by 2020 in a bid to foster innovation crucial for growth, a central government blueprint released on August 8 shows. The country spent over 1.4 trillion yuan or 2.1% of its GDP on R&D in 2015, according to Caixin. The State Council, China’s cabinet, said its latest 13th Five-Year Plan for R&D aims to raise the country’s research capacity and help it secure a place among the top 15 innovative countries in the world by 2020. China is now ranked 18th in a global innovation ranking developed by the state-backed Chinese Academy of Science and Technology for Development in 2011.
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