Over the next five years, China plans to increase its R&D spending by more than 7% annually

Over the next five years, China plans to increase its R&D spending by more than 7% annually

China will increase its annual research and development spending by more than 7% each year over the next five years. This was stated in the government’s report at the fourth session of the 13th National People’s Congress.

The report also says the government will increase spending on basic research by 10.6% in 2021. This growth underscores China’s desire to secure its independence in the technology sector.

The five-year plan outlines seven key areas of technology to be developed: next-generation artificial intelligence, quantum computing, brain science, semiconductor manufacturing, genetic research and biotechnology, clinical medicine and health, as well as deep space, deep sea and polar regions.

Other areas the government has called for support include electric vehicles and 5G networks. It also said it would support foreign-funded companies to establish research and development centers in China, and called for the creation of international organizations related to science and technology in the country.

Over the next five years, China plans to increase its R&D spending by more than 7% annually

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