China R&D

Is government the problem in China’s innovation?

China’s agenda is to become an innovation-led nation by 2020 and a world leader in science and technology by 2050. China spends more on R&D than any other economy, besides the USA. It has increased R&D spending from US$23 billion in 2012 to about $284 billion in 2014. It stills trails most developed countries as a percentage of total economic output. Analysts suggest the gap will close as China continues to rapidly increase spending.