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Cornerstone Blog Two sessions 2021: China Targets Tech Self-Reliance With Massive Research Spend

Two sessions 2021: China Targets Tech Self-Reliance With Massive Research Spend

March 17, 2021 by Cornerstone International Group Leave a Comment

Over the next five years, China plans to invest substantially more in research on basic technology.

The March 5 draft of China’s 14th Five-Year Plan outlines a drive for self-reliance in science and technology.

The draft establishes three major indicators. From 2021 to 2025, China’s research and development (R&D) spending will increase by more than 7% a year.

The number of high-value patents per 10,000 people will increase from 6.3 in 2020 to 12 in 2025.

The added value of digital-economy core industry as a proportion of GDP will rise from 7.8% in 2020 to 10% in 2025.

The word “innovation” occurs frequently in China’s five-year plan for the second time.

In the draft of the 14th Five-Year Plan, “Insisting on Innovation-Driven Development” was presented as the second chapter, underscoring its importance.

Read the full article here…

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