China Ramps Up Science Spending by 10% to $52 Billion, Aiming for Tech Self-Sufficiency

• China's government spending on science and technology to increase 10% to 371 billion yuan ($52 billion) in 2024

• Spending increase is largest in 5 years, showing commitment to science amid economic struggles

• Funding for basic research to increase 13% to 98 billion yuan

• China aims to boost technological self-reliance, especially in AI, semiconductors, quantum computing

• Government spending accounts for 11% of China's total R&D expenditure of 3.3 trillion yuan