China makes science and tech a budget priority with 10% jump in spending during ‘two sessions’
- That amounts to US$51.5 billion for 2024, with continued expenditure ‘guaranteed’ because of sector’s key role in driving development
- It comes as Beijing is pushing for technological self-reliance to counter Western efforts to restrict China’s access to cutting-edge tech
Beijing will boost investment in science and technology by 10 per cent this year as it tries to transform the economy and deal with constraints imposed by the West.
Science and technology has taken on unprecedented significance in this year’s budget, with the largest percentage increase of any major area of government spending – more than diplomacy, public security, education and defence – and it marks a big jump from last year’s 2 per cent rise.
But it is far less than China’s overall spend on research and development – from government and the private sector – which surpassed 3.3 trillion yuan last year, according to Science and Technology Minister Yin Hejun.
In dollar terms, China is the world’s second biggest spender on research and development after the United States.
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Chinese Premier Li Qiang delivers his first work report amid concerns about state of the economy
While there were budget constraints affecting other sectors, science and tech would continue to see “guaranteed expenditure” because of its pivotal role in driving China’s development, according to the finance ministry.
