Beijing witnessed a landmark announcement on March 5 during the ‘Ministers’ Corridor’ session at the Fourth Session of the 14th National People’s Congress. China’s Minister of Science and Technology, Yin Hejun, revealed that the nation’s total societal investment in research and development (R&D) reached an astonishing 3.92 trillion yuan last year, equivalent to 2.8% of the country’s GDP.
Breaking down the figures, Yin highlighted that nearly 280 billion yuan was channeled into basic research, accounting for 7.08% of the overall R&D expenditure. This marks the first time this ratio has surpassed 7%, setting a historic benchmark in China’s scientific endeavors.
The minister emphasized the rapid strides in science and technology, positioning China at the 10th spot in the Global Innovation Index. Leadership in open-source large models, breakthroughs in chip research, and accelerated development of innovative drugs underscore this momentum. Last year alone, 76 new innovative drugs received approval, showcasing tangible progress.
Yin’s remarks paint a picture of science and technology as powerful engines driving industrial growth, business innovation, and elevating everyday life for millions. As China pushes these frontiers, the world watches a nation redefining its role in global innovation.