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China's 2015 ratio of R&D expenditure to GDP expected to be 2.1%, missing 2.2% target for 12th Five-Year plan

(People's Daily Online)    17:15, January 12, 2016

In 2015, China saw 453 organizations offering technology transfer services and 30 organizations dedicated to technology property transactions. China's gross technology trade amounts reached 983.5 billion yuan in 2015, up 14.7 percent from the year before.

China is expected to move up from the number 21 spot in 2010 to the number 18 spot in 2015 in the rankings of countries’ innovative capacities. The rate of scientific and technological contributions may increase from 50.9 percent in 2010 to 55.1 percent in 2015. In 2015, China's gross research and development expenditure amounts to 1.43 trillion yuan, registering a growth of 100 percent, said Wan Gang, China's Minister of Science and Technology.

Wan said that China's scientific innovation capacity, and in particular its initial innovation capacity, is not strong enough. China's rate of contribution to science and economic growth is also lagging behind that of developed countries.

"The ratio of research and development expenditure to GDP is considered an important indicator to evaluate the transformation of economic growth and the role of innovation in economic development. In 2015, the ratio is expected to be 2.1 percent, missing the target of 2.2 percent set in the 12th Five-Year plan period (2010-2015). All this shows that China's investment in science and technology is incompatible with its economic scale," said Wan Gang.

Wan holds that investment in science and technology should be transformed into a driving force for economic development, which is more important than a mere increase of investment. The trend of mass entrepreneurship and innovation injects new energy into social and economic development. To date, China has more than 2,300 business start-up platforms, 2,500 technology business incubators, 11 national innovative demonstration zones and 146 national high-tech zones.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Ma Xiaochun,Bianji)

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