Business / Economy

China intensifies R&D fund management

(Xinhua) Updated: 2014-03-13 13:19

BEIJING - China has published a guideline to step up management of research and development (R&D) funds, in a bid to forge an innovation-driven economy,the State Council said on Wednesday.

The guideline said China will streamline R&D programs and incorporate R&D funds allocated from the central budget.

China will also make R&D programs more transparent, release details of how the money was spent and hold researchers more accountable, according to the guideline.

China aims to push forward innovation-driven development, stressing the importance of scientific innovation in improving productivity and overall national strength.

The total expenditure on R&D topped 1 trillion yuan ($168 billion) in 2012. China plans to increase the amount to 1.14 trillion yuan this year.

Despite growing R&D expenditure, the guideline said China's R&D fund management still faces some problems.

Audits last year showed R&D funds used for conferences, overseas visits, benefits for researchers and other unexpected ends.

Wan Gang, Chinese Minister of Science and Technology, said he was "angry" at misuse of R&D funds and criticized bad practice last October.


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