By Li Panpan

(JW Insights) Sep 20 -- China's total expenditure on research and development reached RMB3.07829 trillion ($421.94 billion) in 2022, up 10.1 percent year on year, the National Bureau of Statistics (NBS) said on September 18.

China's R&D spending jumped 7.7 percent last year at constant prices, higher than the 7-percent R&D annual growth target set for the 14th Five-Year Plan period (2021-2025), said Zhang Qilong, a NBS statistician.

R&D spending of enterprises contributed 84 percent of the country's R&D growth, up 4.6 percentage points from a year earlier.

Investment in basic research continued to grow to more than RMB200 billion ($27.41 billion) last year, ranking second in the world and accounting for 6.57 percent of the total R&D spending.

China will continue to encourage local authorities to increase R&D spending and improve the efficiency of capital utilization, Zhang said.