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China’s R&D spending reaches 2.1% of GDP in 2016

Updated: Oct 19,2017 8:17 PM     Xinhua

BEIJING — China’s spending on research and development (R&D) accounted for 2.1 percent of GDP in 2016, the Ministry of Science and Technology announced on Oct 19.

The spending reached 1.54 trillion yuan (around $233 billion) last year, with over 78 percent coming from enterprises.

Based in the South China city of Shenzhen, Chinese drone manufacturer DJI-Innovations (DJI) has pioneered the development of drones with its products gaining 80 percent of the global market share.

With the addition of innovative enterprises like DJI, the production value of the seven “strategic emerging industries,” such as biology and the internet, has enjoyed an average annual increase of 17.4 percent in Shenzhen, according to the ministry.

The scientific and technological progress contribution increased to 56.2 percent in China’s economic growth in 2016, the ministry said.