(Yicai Global) Dec. 3 -- China should spend more on the research and development of core electronic devices, high-end chips and basic software, according to the deputy director of a Beijing-based think tank.
The country should tap the capital markets more in order to do this, said Huang Qifan from the China Center for International Economic Exchanges.
At CNY2 trillion (USD283.8 billion), China spends the most on R&D for new technologies after the US. But just 5 percent of that goes on electronic devices, high-end chips and basic software, Huang said at a forum in Shanghai today. The average for other countries is 20 percent.