China's Total R&D Expenditure Exceeds OECD Average, Private Sector Basic Research Spending Lags US
According to the South China Morning Post, China's total research and development expenditure now exceeds the OECD average, but private sector spending on basic research lags the US.
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The South China Morning Post reports that China's investment in research and development (R&D) represents a significant achievement reflecting the sustained dedication of Beijing to science and technology. The figure of 2.8 per cent encompasses all R&D activities, including those conducted and financed by the private sector and businesses. When assessed as a proportion of output using purchasing power parity, China's R&D spending is now equivalent to that of the United States. This comparison suggests that a yuan affords substantially more laboratory time and engineering and scientific expertise domestically compared to its equivalent in the US and Japan. By this metric, China's aggregate R&D expenditure has increased from approximately 72 per cent of the American level a decade ago to roughly equal the US level currently. Furthermore, Beijing's five-year plan indicates that its research workforce, which is nearly 8 million individuals, constitutes the largest in the world by a considerable margin. However, the South China Morning Post also notes that while China's overall R&D spending surpasses the OECD average, spending by the private sector on basic research is behind that of the US.
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