R&D input to further fuel innovation

In 2022, the nation's investment in basic research stood at 202.35 billion yuan, up 11.4 percent year-on-year. It ranked second in the world, accounting for 6.57 percent of the total R&D spending, according to the NBS.

The increased spending on R&D shows China's commitment to implementing an innovation-driven development strategy, which will bolster its strength in science and technology, give it an upper hand in fierce international competition and foster new growth drivers, said Pan Helin, co-director of the Digital Economy and Financial Innovation Research Center at Zhejiang University's International Business School.

"Continuous investment in basic scientific research is key to driving high-quality economic growth and promoting the intelligent transformation and upgrading of traditional industries," Pan said, calling for giving full play to the leading role of enterprises in bolstering technological innovation.

Enterprises are expanding their investments in important sectors, laying a solid foundation for making breakthroughs in core technologies in key fields and improving fundamental industrial capabilities, according to the NBS. The R&D expenditure of enterprises reached 2.39 trillion yuan in 2022, up 11 percent year-on-year. It contributed to 84 percent of the country's R&D growth, an increase of 4.6 percentage points from the previous year.

The NBS added that the country will continue to increase financial support, encourage local authorities to increase R&D spending and improve the efficiency of capital utilization.