China plans to increase funding for science in 2024.
In a bold move to prioritize science and innovation, China has announced a significant increase in funding for science and technology in 2024, despite facing economic challenges. The Chinese government plans to allocate 371 billion yuan (US$52 billion) towards science and technology this year, marking a 10% rise from the previous year. This announcement was made at the annual meeting of the National People's Congress, China's legislative body.
Of this funding, a substantial portion - 98 billion yuan - will be directed towards basic research, reflecting a 13% increase. This surge in government spending on science and technology represents the largest increment in the past five years, showcasing China's unwavering commitment to advancing its scientific capabilities.
Experts believe that this move underscores China's determination to prioritize science and technology on a national level. As the country transitions towards a more technology-driven economy, there is a growing emphasis on high-tech development to boost self-reliance and technological strength. This shift is not only aimed at propelling economic growth but also at competing with other global technological powerhouses, particularly the United States.
China's focus on self-sufficiency in critical technologies, such as artificial intelligence and quantum computing, has become more pronounced due to restrictions imposed by the US. To maintain its competitive edge, China recognizes the need to invest significantly in science and technology, especially in fundamental research.
While the increase in funding signifies a substantial commitment by the government, it still represents a small fraction of China's overall research and development expenditure. Currently, government spending accounts for around 11% of the total R&D spending in China, which amounts to 3.3 trillion yuan. In comparison, research and development expenditure in China constitutes approximately 2.6% of the country's GDP, lower than the US's 3.6% in 2020.
Despite economic challenges, China's dedication to advancing science and technology remains steadfast. The government's increased investment in these sectors not only reflects its ambition to drive innovation and technological progress but also signals a strategic move towards achieving self-reliance in critical domains. As the annual congress session continues, China's commitment to science and technology is poised to shape the country's future trajectory on the global stage.
Source: https://www.nature.com/articles/d41586-024-00695-4
Of this funding, a substantial portion - 98 billion yuan - will be directed towards basic research, reflecting a 13% increase. This surge in government spending on science and technology represents the largest increment in the past five years, showcasing China's unwavering commitment to advancing its scientific capabilities.
Experts believe that this move underscores China's determination to prioritize science and technology on a national level. As the country transitions towards a more technology-driven economy, there is a growing emphasis on high-tech development to boost self-reliance and technological strength. This shift is not only aimed at propelling economic growth but also at competing with other global technological powerhouses, particularly the United States.
China's focus on self-sufficiency in critical technologies, such as artificial intelligence and quantum computing, has become more pronounced due to restrictions imposed by the US. To maintain its competitive edge, China recognizes the need to invest significantly in science and technology, especially in fundamental research.
While the increase in funding signifies a substantial commitment by the government, it still represents a small fraction of China's overall research and development expenditure. Currently, government spending accounts for around 11% of the total R&D spending in China, which amounts to 3.3 trillion yuan. In comparison, research and development expenditure in China constitutes approximately 2.6% of the country's GDP, lower than the US's 3.6% in 2020.
Despite economic challenges, China's dedication to advancing science and technology remains steadfast. The government's increased investment in these sectors not only reflects its ambition to drive innovation and technological progress but also signals a strategic move towards achieving self-reliance in critical domains. As the annual congress session continues, China's commitment to science and technology is poised to shape the country's future trajectory on the global stage.
Source: https://www.nature.com/articles/d41586-024-00695-4
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