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China Firms Double R&D Spending in Tech Catch-Up Bid – Nikkei

Chinese firms are desperate to develop their own innovations as trade tensions with the West and its neighbours continue to escalate


China's big state firms have been encourafged to boost investment in research.
China's big state firms have been encourafged to boost investment in research.

 

Chinese firms have more than doubled their research and development programme spending over the last five years in a bid to make their own tech breakthroughs, the Nikkei reported.

Up until now Chinese companies have leant on Japanese, American and European technology to produce their products, the report went on, but the copycat strategy is not seen as feasible overseas. Companies listed in China spent $228 billion on research and development programmes in 2022, marking a 2.6-fold increase over the past five years.

Read the Full story: Nikkei

 

  • By Sean O’Meara

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.