Chart of the Day: Another Record Year for China R&D Spending

China’s research and development (R&D) expenditures reached a new high in 2017, hitting 2.1% of gross domestic product, as the country continues its drive to become a technology powerhouse.

China spent 1.76 trillion yuan ($254 billion) on research and development in 2017, a year-on-year increase of 12.3%, according to the National Bureau of Statistics (link in Chinese). China’s R&D spending has increased rapidly over the last decade or so as the country has tried to gain a competitive edge in emerging industries.