China’s spending on science and research funding is projected to continue rising, and is anticipated to reach 2.5% of GDP this year. The funding target was revealed at the Chinese People’s Political Consultative Conference (CPPCC), said the South China Morning Post.
This would mean China would reach its budget goal for research and development a year earlier than planned, according to the country’s original medium and long-term plan for science and technology development between 2006 and 2020.
Last year, China spent $291.58 billion on research and development, 2.18% of its GDP, an 11.6% increase from 2017, according to data from the National Bureau of Statistics.