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China's R&D Spending Soars 8.3% to $494.7 Billion

1/24/2025

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Summary

Story summary

In 2024, China's R&D spending exceeded 3.6 trillion yuan ($494.69 billion), up 8.3% from 2023.
The nation holds the second position worldwide in R&D investment, with a GDP ratio of 2.68%.
Funding for basic research increased by 10.5%, reaching 249.7 billion yuan.
China granted 1.045 million new invention patents in 2024, a 13.5% rise.
The global innovation index ranked China 11th, showcasing its technological progress.

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Story summary

In 2024, China's R&D spending exceeded 3.6 trillion yuan ($494.69 billion), up 8.3% from 2023.
The nation holds the second position worldwide in R&D investment, with a GDP ratio of 2.68%.
Funding for basic research increased by 10.5%, reaching 249.7 billion yuan.
China granted 1.045 million new invention patents in 2024, a 13.5% rise.
The global innovation index ranked China 11th, showcasing its technological progress.