China's spending on R&D hits 3t in 2022

Microchips are produced at a factory in Huai'an, Jiangsu province. [ZHAO QIRUI/FOR CHINA DAILY]

BEIJING - China's total expenditure on research and development (R&D) amounted to nearly 3.09 trillion yuan ($456 billion) in 2022, up 10.4 percent year on year, according to the National Bureau of Statistics (NBS).

After deducting price factors, China's R&D spending in 2022 rose 8 percent year on year, said the NBS.

China's total spending on R&D accounted for 2.55 percent of its gross domestic product last year, up 0.12 percentage points from the previous year.

Investment in basic research stood at 195.1 billion yuan last year, up 7.4 percent year on year, accounting for 6.32 percent of the total R&D spending, the data showed.