Beijing, Feb 27 (SocialNews.XYZ) China's spending on research and development (R&D) has seen rapid growth during the 13th Five-Year Plan period (2016-2020).
Its total expenditure on R&D in 2020 is projected to reach 2.4 trillion yuan (about $372 billion), announced Minister of Science and Technology, Wang Zhigang.
China's spending on basic research in 2020 has nearly doubled that of 2015 and will likely exceed 150 billion yuan in 2020.
During the 13th Five-Year Plan period (2016-2020), spending on basic research achieved an overall growth rate of 16.9 percent, Wang said.
The contribution rate of scientific and technological progress is projected to reach 60 percent in 2020, and the proportion of the scientifically literate Chinese population has surpassed 10 percent, reports Xinhua news agency.
China's ranking in the Global Innovation Index, released by the World Intellectual Property Organisation, went from 29th in 2015 to 14th in 2020, Wang added.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz