Despite facing a slowing economy, China is significantly increasing its research and development expenditures, demonstrating a prioritization of scientific self-sufficiency over immediate economic concerns. In 2023, China's R&D spending grew by 8.7%, outpacing the U.S. and E.U. This upward trend continued into 2024, with expenditures exceeding 3.6 trillion yuan, accounting for 2.68% of GDP. Analysts highlight that such growth during economic downturns reflects a strategic commitment to bolster innovation and competitiveness, which aligns with trends observed in other Asian economies like Japan and South Korea.
"The growth in research spending is quite a feat and an important indicator of where China is putting its priorities," said Jeroen Groenewegen-Lau.
"When economies slow, they actually increase their spending on research," said Caroline Wagner, highlighting a trend seen in Japan and South Korea.
China's R&D spending in 2024 reached 3.6 trillion yuan ($489.9 billion), up 8.3 percent year on year.
China's R&D growth of 8.7 percent in 2023 superseded the U.S. and E.U., indicating a strong commitment to scientific self-sufficiency.
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