Beijing: China has emerged as one of the top countries in Research and Development (R&D), spending about USD 164.1 billion last year.
The R&D spending reached one trillion yuan (USD 164.1 billion)?in 2012, about 1.98 per cent of its gross domestic product (GDP), China`s Finance Minister Lou Jiwei said today.
The R&D expenditure as a percentage of GDP is viewed as an important indicator to evaluate a country`s investment in innovation. R&D spending as a percentage of GDP in China was 1.54 per cent in 2008.
The growth rate of fiscal expenditure in R&D surpassed the growth rate of fiscal revenue, Lou said while delivering a report to the ongoing bi-monthly session of the Standing Committee of the National People`s Congress, the country`s top legislature.
Fiscal expenditure in science and technology development increased to 560 billion yuan in 2012 from 168.9 billion yuan in 2006, an average annual growth rate of 22.73 per cent, Lou told senior legislators.
Total expenditure in science and technology in the last seven years has reached 2.42 trillion yuan, accounting for 4.37 per cent of the country`s fiscal expenditure.
Lou said the increase in spending has helped developments in science and technology, and improved the country`s innovation capabilities, state-run Xinhau news agency reported.
According to the Global Competitiveness Report issued by the World Economic Forum, China`s innovation capabilities ranking rose to 26th in 2012 from 48th in 2006.
Improved capabilities have played an important role in developing advanced and strategically important sectors, and in the meantime, science and technology have helped provide better services for people, Lou said.