Aug 09, 2016 06:35 PM

China Sets Ambitious R&D Goals for 2020

(Beijing) - China plans to increase spending on research and development to 2.5 percent of its gross domestic product by 2020 in a bid to foster innovation crucial for growth, a central government blueprint released on August 8 shows.

The country spent over 1.4 trillion yuan or 2.1 percent of its GDP on R&D in 2015, according to official data.

The State Council, China's cabinet, said its latest 13th Five-Year Plan for R&D aims to raise the country's research capacity and help it secure a place among the top 15 innovative countries in the world by 2020.

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