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

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

Also on AF:

US Curbs on Investments in Critical China Tech Likely This Week

China’s Rapid R&D Revolution is Leaving the US in its Wake

US Senate backs $170-billion boost to R&D, domestic production

The post China Firms Double R&D Spending in Tech Catch-Up Bid – Nikkei appeared first on Asia Financial.

Source link