Core Insights - The total R&D expenditure in China for 2024 is projected to exceed 3.6 trillion yuan, marking an 8.9% increase from the previous year, indicating a stable growth trend in R&D investment [2] - China's R&D expenditure intensity is expected to reach 2.69% of GDP in 2024, up by 0.11 percentage points from the previous year, reflecting a faster increase compared to the average growth rate since the 14th Five-Year Plan [2] R&D Expenditure Growth - R&D expenditure from enterprises, government research institutions, and higher education institutions for 2024 is projected at 28,211.6 million yuan, 4,231.6 million yuan, and 3,065.5 million yuan respectively, with growth rates of 8.8%, 9.7%, and 11.3% [3] - Enterprises contribute over 75% of total R&D funding, with a contribution rate of 77.1%, making them the primary driver of R&D growth in China [3] Basic Research Investment - Basic research funding is expected to reach 250.09 billion yuan in 2024, growing by 10.7%, and its share of total R&D expenditure has reached a historical high of 6.88% [4] - Government research institutions and higher education institutions are the main contributors to basic research funding, accounting for 52.0% and 40.0% of the growth respectively [4] Fiscal Support for R&D - National fiscal expenditure on science and technology is projected to be 12,629.2 million yuan in 2024, an increase of 5.3% from the previous year, focusing on basic research and scientific research plans [5] - Tax incentives for R&D have shown effectiveness, with the number of enterprises benefiting from R&D expense deductions increasing by 16.7% compared to 2021 [5] Regional Development and Innovation - R&D expenditure in various regions, including East, Central, West, and Northeast China, is expected to grow at rates of 9.0%, 8.4%, 9.2%, and 8.6% respectively in 2024 [7] - Key regions such as Beijing, Shanghai, and Guangdong are leading in R&D expenditure, with Guangdong surpassing 500 billion yuan [7][8]

Core Insights - The total investment in research and development (R&D) in China is projected to exceed 3.6 trillion yuan in 2024, reaching 36,326.8 billion yuan, which represents an 8.9% increase from the previous year, indicating a stable growth trend [3][4] - China ranks second globally in R&D expenditure, only behind the United States, and is 3.5 times that of Japan and 3.7 times that of Germany [3] Group 1: R&D Investment Growth - R&D expenditure in China has shown a consistent annual growth rate of 10.5% over the first four years of the 14th Five-Year Plan, surpassing the planned target [3] - The R&D investment intensity (R&D expenditure as a percentage of GDP) for 2024 is 2.69%, an increase of 0.11 percentage points from the previous year, reflecting a faster growth rate than the average of 0.03 percentage points since the start of the 14th Five-Year Plan [3] Group 2: Contribution by Different Sectors - Enterprises, government research institutions, and higher education institutions are the three main entities executing R&D activities in China, with their respective R&D expenditures in 2024 being 28,211.6 billion yuan, 4,231.6 billion yuan, and 3,065.5 billion yuan, showing growth rates of 8.8%, 9.7%, and 11.3% respectively [4] - Enterprises contribute over 75% of the total R&D funding, accounting for 77.1% of the overall growth in R&D expenditure, making them the primary driver of R&D growth in China [4] Group 3: Basic Research Investment - In 2024, basic research funding is expected to reach 2,500.9 billion yuan, with a growth rate of 10.7%, which is higher than the overall R&D expenditure growth rate [5] - The contribution rates to basic research funding from government research institutions and higher education institutions are 52.0% and 40.0% respectively, indicating their significant role in advancing basic research [5] Group 4: Fiscal Support and Tax Incentives - National fiscal expenditure on science and technology is projected to be 12,629.2 billion yuan in 2024, an increase of 5.3% from the previous year, focusing on basic research and scientific research facilities [7] - Tax incentives for R&D have been implemented, with the number of enterprises benefiting from R&D expense deductions increasing by 16.7% and the amount of expenses by 25.5% compared to 2021, effectively encouraging enterprises to increase R&D investments [7] Group 5: Regional Development and Innovation - R&D expenditure in various regions of China, including East, Central, West, and Northeast, has shown significant growth, with East China leading at 23,773.0 billion yuan, a 9.0% increase from the previous year [8] - Key regions such as Beijing, Shanghai, and Guangdong have R&D expenditures exceeding 5,000 billion yuan, highlighting their role as innovation hubs [8]