Last year’s R&D intensity – defined as the ratio of expenditure to GDP and an indicator of a country’s strength in science and technology, innovation capacity, and competitiveness – sat at a steady 2.68 per cent.
China in recent years has spearheaded more original innovation and ground-breaking research, to boost its technological self-reliance, power future growth and gain a stronger footing in its rivalry with the US.
In 2021, China saw a hefty 14.6 per cent rise in R&D expenditures from the previous year, while post-pandemic economic headwinds saw increases taper to 10.1 per cent and 8.4 per cent over the next two years, respectively.
In contrast, the growth in China’s R&D investment intensity remained fairly stable, rising from 2021’s 2.38 per cent to 2.49 per cent in 2022 and 2.58 per cent in 2023.
According to the US National Science Board, R&D investment intensity in the United States has been above 3 per cent each year since 2019, reaching a peak of 3.4 per cent in 2022. Other data indicates that it is holding on to the top spot in R&D expenditures.
