BEIJING: China’s spending on basic research during the 14th Five-Year Plan (2021-2025) period will likely reach a record 8 percent of all research and development (R&D) expenditure, according to the Ministry of Science and Technology.
China’s spending on basic research reached 133.6 billion yuan (about 20.4 billion US dollars) in 2019, accounting for over 6 percent of the R&D expenditure. Spending in 2020 is estimated to exceed 150 billion yuan. Ye Yujiang, an official from the ministry, said besides the increase of central government expenditures, enterprises and the private sector are also expected to increase funding for basic research.
–The Daily Mail-CGTN
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