China's R&D spending surpasses 3.6t yuan in 2024

China's research and development spending totaled 3.61 trillion yuan ($496.32 billion) in 2024, up 8.3 percent from the previous year, while R&D intensity, the ratio of R&D to GDP, hit 2.68 percent during that period, an increase of 0.1 percentage point, according to the National Bureau of Statistics on Thursday.

In 2024, China's overall R&D investment ranked second in the world, while the intensity ranked 12th among major countries worldwide, surpassing the average level of European Union countries and inching closer to the OECD (Organization for Economic Co-operation and Development) countries.

Besides, China's basic R&D expenditure reached 249.7 billion yuan in 2024, accounting for 6.91 percent of the overall R&D spending, with 10.5 percent growth over 2023.

"Large-scale R&D investment places a solid fundamental on innovations, scientific and technological productions," said Xuan Zhaohui, head of the institute of scientific statistics and analysis at the Chinese Academy of Science and Technology for Development.

Zhang Qilong, an NBS statistician, pointed out that major outcomes have been made in quantum technology, life science, materials science and space science in recent years.

By the end of 2024, China had about 4.76 million valid domestic invention patents, a 16.3 percent increase compared to 2023, making it the first country to surpass 4 million patents, according to Hu Wenhui, deputy commissioner of the China National Intellectual Property Administration.