Shanghai's R&D Investment Equals 3.9% of Its GDP in 2017
Jin Yezi
DATE:  Oct 30 2018
/ SOURCE:  Yicai
Shanghai's R&D Investment Equals 3.9% of Its GDP in 2017 Shanghai's R&D Investment Equals 3.9% of Its GDP in 2017

(Yicai Global) Oct. 30 -- Shanghai has increased its investment in research and development.

The eastern megacity logged CNY120.5 billion (USD17.3 billion) spent in R&D in 2017, which compares with 3.9 percent of the administrative region's gross domestic product, the latest report done by the Shanghai Institute of Science shows.

The GDP benchmark was 0.9 percentage point more than in 2011 and higher than the country's average of 2 percent. Shanghai's amount of funding rose 15 percent from 2016.

Some 62 percent of the city's R&D investment came from firms, which was 16.5 percentage points less than the nationwide average. The regional government contributed 36 percent of the funding, which was 15 percent more than elsewhere. Shanghai firms invested CNY74.8 billion in R&D, which was an increase of 15 percent from 2016.

If China's economy grows at a 6.5 percent pace in the next four years, and Shanghai puts 4 percent of its GDP into R&D, the sum will reach CNY160 billion by 2022, the report anticipated. This would be an increase of about 40 percent from 2017.

The city's investment in basic research rose 20 percent to CNY9.3 billion last year, compared with the previous year. This research field makes up 7.7 percent of all money spent, and its portion increased 0.3 percentage points from 2016. Shanghai emphasized this field with a 2.4 percentage points stronger funding than the country average.

Editor: Emmi Laine

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Keywords:   R&D,Scientific Research,Shanghai,High-Tech,China