China to Increase Government Funding for Science

China to Increase Government Funding for Science

Author: ChemistryViews

China plans to increase its spending on science and technology despite economic challenges. It plans to invest 371 billion yuan (US$52 billion) in 2024, representing a 10% rise from last year. This increase, the largest in five years, reflects China’s shift towards high-tech development amid a structural transition in its economy.

With a desire for technological leadership and restrictions imposed by the United States, China is looking to expand its capabilities in key areas such as artificial intelligence and semiconductors. While this increased spending signals a greater commitment to science and technology, it represents only a small portion of China’s total research and development spending, just 11% of the 3.3 trillion yuan spent on R&D.

This is according to a draft budget report from the Chinese Ministry of Finance. The Congress session ends on March 11, and will be followed next week by a meeting of the Chinese people’s political advisory body, the Political Consultative Conference.



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