In 2007, China’s R&D spending rose 23.5% to CNY 371 billion ($48.8 billion) to account for 1.49% of GDP. The national government‘s R&D spending grew 25.2 % to CNY 42.5 billion to make up 4.25% of its expenditures. R&D by companies, government-affiliated research institutes, and colleges and universities accounted for 72.3%, 18.5% and 8.5% of R&D spending. Company R&D spending increased 1.2%. Spending on basic research increased 12% to CNY 17.45 billion, while spending on applied research grew 0.8% to CNY 49.29 billion. Development spending rose 290% to CNY 304.28 billion.

Source: People’s Daily Online