China's R&D Spending Grows Over 10% in 2022 But Still Lags Targets for Basic Research

China's R&D spending continued to grow in 2022, increasing over 10% to more than $421 billion.
The ratio of R&D spending to GDP rose to 2.54%, achieving the government's target of exceeding 2.5%.
But basic research remained low at 6.57% of total R&D spending, below the 2025 target of 8%.
Growth in R&D spending and basic research slowed compared to previous years.
Per capita funding for researchers decreased slightly in 2022, while competition for grants has intensified.

scmp.com

Relevant topic timeline:

8/21/2023

China allocates another 500 mln yuan for relief in flood storage areas

### Summary China's finance and water resources ministries have allocated 500 million yuan ($68.68 million) to aid disaster-stricken residents in national flood storage areas in restoring normal production. ### Facts - 💰 China's finance and water resources ministries have allocated 500 million yuan ($68.68 million). - 🌊 The funds aim to assist disaster-stricken residents in national flood storage areas. - 🔄 The goal is to restore normal production as quickly as possible.

8/21/2023

China's fiscal revenue slows as economy struggles

### Summary China's fiscal revenue rose 11.5% in the first seven months of 2023, but at a slower pace than the previous six months, indicating a loss of economic momentum. ### Facts - 💰 China's fiscal revenue increased by 11.5% in the first seven months of 2023. - 💸 Fiscal expenditure grew by 3.3% to 15.2 trillion yuan ($2.10 trillion). - 📉 In July, fiscal revenue only rose 1.9% year on year, slower than the previous month's increase. - 📉 Fiscal expenditure fell 0.8% in July, narrowing the decline compared to the previous month. - 🌍 China's economy grew at a sluggish pace in the second quarter due to weak demand domestically and internationally. - 📉 The consumer sector in China experienced deflation in July, with analysts predicting persisting price stagnation for the next six to 12 months.

9/5/2023

China is reportedly spending big to boost its production of chips for AI and smartphones after the US cracked down on exports

China is planning a $41 billion fund to boost its semiconductor industry in response to US restrictions on exporting chips to the country.

9/24/2023

China Reform Holdings Corp Raises $13.7B for Emerging Industries Fund Backed by SOEs and Governments

China Reform Holdings Corp, a Chinese state asset manager, plans to raise a minimum of 100 billion yuan ($13.7 billion) for a fund that will invest in emerging industries, with investment commitments already received from government-owned enterprises and private investors.

10/2/2023

China's Trillion Dollar Plan to Reach Carbon Neutrality by 2060

China's investments in its power sector may exceed 100 trillion yuan ($13.7 trillion) from 2020 to 2060 in order to achieve the goal of net-zero emissions by 2060 and curb global warming by 0.2-0.3 Celsius, according to State Grid Corp. of China.

10/4/2023

IMF Overly Optimistic on China Growth, Actual Expansion Closer to 2% vs 5% Forecast

China's economic growth this year may be as low as 2 percent, half of what the International Monetary Fund predicts, due to problems in the property sector, weak foreign direct investment, and other structural issues, according to Daniel Rosen of the Rhodium Group. The IMF has forecasted 5.2 percent growth for China, but Rosen believes growth above 3 percent is unlikely in the medium term. Additionally, concerns are rising that China's economic challenges could hinder global growth.

10/11/2023

China Plans Record Budget Deficit to Fund Infrastructure, Boost Economy

China is considering increasing its budget deficit by an additional 1 trillion yuan ($137 billion) for infrastructure projects, surpassing its 3% GDP target and aiming to boost the economy.

Topics

Posted 9/18/2023, 1:30:03 PM

China's R&D Spending Grows Over 10% in 2022 But Still Lags Targets for Basic Research

China's R&D spending continued to grow in 2022, increasing over 10% to more than $421 billion.
The ratio of R&D spending to GDP rose to 2.54%, achieving the government's target of exceeding 2.5%.
But basic research remained low at 6.57% of total R&D spending, below the 2025 target of 8%.
Growth in R&D spending and basic research slowed compared to previous years.
Per capita funding for researchers decreased slightly in 2022, while competition for grants has intensified.

scmp.com

Relevant topic timeline:

8/21/2023

China allocates another 500 mln yuan for relief in flood storage areas

8/21/2023

China's fiscal revenue slows as economy struggles

9/5/2023

China is reportedly spending big to boost its production of chips for AI and smartphones after the US cracked down on exports

China is planning a $41 billion fund to boost its semiconductor industry in response to US restrictions on exporting chips to the country.

9/24/2023

China Reform Holdings Corp Raises $13.7B for Emerging Industries Fund Backed by SOEs and Governments

10/2/2023

China's Trillion Dollar Plan to Reach Carbon Neutrality by 2060

10/4/2023

IMF Overly Optimistic on China Growth, Actual Expansion Closer to 2% vs 5% Forecast

10/11/2023

China Plans Record Budget Deficit to Fund Infrastructure, Boost Economy

China is considering increasing its budget deficit by an additional 1 trillion yuan ($137 billion) for infrastructure projects, surpassing its 3% GDP target and aiming to boost the economy.