In a revealing exchange at the National People’s Congress on March 5, Science and Technology Minister Yin Hejun shared groundbreaking data on China’s R&D landscape. Society-wide investments soared to 3.92 trillion yuan in the past year, making up 2.8% of GDP—a testament to the country’s unwavering commitment to innovation.
A standout achievement: basic research funding hit 280 billion yuan, or 7.08% of total R&D spend, crossing the pivotal 7% threshold for the first time. This historic surge signals China’s strategic pivot toward foundational science that fuels long-term breakthroughs.
Progress is evident across fronts. Climbing to 10th in the Global Innovation Index, China dominates open-source AI models, advances chip technology, and fast-tracks novel pharmaceuticals, approving 76 in 2024. Beyond labs, these advancements empower industries, spark entrepreneurial ventures, and enhance quality of life for ordinary citizens.
As Minister Yin noted, this ecosystem of innovation isn’t just about numbers—it’s transforming economies and societies, positioning China as a global powerhouse in tomorrow’s technologies.