Premier Li Keqiang has announced China’s 2014 science and technology budget, which will increase 8.9% to CNY 267.4 billion ($43.6 billion). Basic research funds will rise by 12.5% to $6.6 billion. Sixteen megaprojects, mostly in engineering and applied research, will receive $8.1 billion. Two of these projects, drug discovery and infectious disease research, have a combined $488 million budget. The National Natural Science Foundation will receive $3.1 billion for research in such areas as air pollution, neurodegenerative disease and scientific equipment. The Ministry of Science and Technology will spend $650 million on basic research and $1,100 million on key technologies. The Chinese Academy of Sciences (CAS) is allotted $423 million for its strategic priority projects. According to Bai Chunli, president of CAS, additional basic research support is necessary to increase innovation. He indicated that 84% of China’s R&D funds are for product development. In 2012 and 2013, basic research spending averaged 4.8%.

Source: Nature