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China’s ‘two sessions’ 2023: 2 per cent budget boost for science and technology
- Increase reflects growing importance of sector in country’s development, analyst says, as President Xi Jinping signals more support
- Premier Li Keqiang says spending overall on R&D has risen from 2.1 per cent to over 2.5 per cent of GDP over the past five years
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China’s central government will increase spending on science and technology by 2 per cent this year, amid a years-long drive by the United States to contain the development of Chinese technology.
On Thursday, the Biden administration announced export restrictions for dozens of Chinese entities, including genome research organisation BGI Research and BGI Tech Solutions (Hongkong) over allegations that their collection and analysis of genetic data posed a “significant risk of contributing to monitoring and surveillance by the government of China”.
And in November 2022, the US banned approvals of new telecommunications equipment from China’s Huawei Technologies and ZTE, citing an “unacceptable risk” to national security.
According to a draft budget report released by the Ministry of Finance on Sunday, the central government’s expenditure on science and technology is projected to reach 328 billion yuan (US$47.55 billion) in 2023, slightly higher than last year’s 318.7 billion yuan.
The amount is a small proportion of China’s overall research and development outlays, and it does not include investment from local governments and companies.
02:32
China’s top political advisory body kicks off annual session
China’s top political advisory body kicks off annual session
China is the world’s second-biggest spender on R&D.
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