China aims to become one of the world’s leading countries in scientific development by 2020. At that time, its spending on research and development is expected to account for 2.5% of GDP.
In the past year, China allocated 236.7 billion yuan (approximately 29.19 billion USD) for research and development, an increase of over 20% compared to 2003, representing 1.3% of its gross domestic product (GDP).
By 2005, the number of research experts in state research institutes and enterprises reached 27.2 million.
In terms of patent applications, China accepted 476,000 patent applications in 2005.
The number of science and technology contracts reached 265,000, valued at 151 billion yuan, marking a 132% increase compared to 2004.
According to the incentive policy aimed at encouraging scientific and technological innovation, the State Council of China noted that total investment in research and development needs to be significantly increased for China to become one of the scientific powerhouses in the world by 2020.
This incentive policy also emphasizes the creation of a friendly environment for implementing national guidelines regarding medium- and long-term plans for scientific and technological development.
After thoroughly researching the feasibility of scientific and economic projects, the State Council of China will fund key scientific and technological innovation projects. State investment in research and development also aims to encourage investment from enterprises and private funds.
Minh Thuong
