China’s research and development expenditure reached a record RMB 2.79 trillion ($441.3 billion) in 2021, a 14% increase on 2020—when the country posted its lowest GDP growth in decades, reports the South China Morning Post. The R&D spending growth rate in 2021 was more than 40% higher than in the previous year, according to China’s National Bureau of Statistics.
Beijing’s financial support for scientific research and technological development had dropped in 2020 as the country battled Covid-19 disruptions, though businesses kept the R&D growth rate ticking over to reach 10%, the bureau said.
However, the budget for basic science research projects that depended heavily on government support were mostly frozen or cut, according to some scientists involved in such ventures.
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