China eyes increased spending on research, development

China plans to increase spending on research and development from the current 2.2 percent of gross domestic product to 2.5 percent by 2020, Li Meng, vice-minister of science and technology, said on Friday.

Li was addressing a media briefing when he cited the target, from a plan on the country's science and technology development during the 13th Five-Year Plan (2016-20) period that was approved by the State Council on Wednesday.

China also aims to improve its global ranking for national innovation capacity from last year's No 18 to No 15 by 2020.

According to the ranking, released last year by the Chinese Academy of Science and Technology for Development, the world's top five innovators were the US, Japan, Switzerland, South Korea and Denmark.

Meanwhile, a target has also been set to increase the contribution rate of the advancement of science and technology, a universal index used to assess a country's scientific, technological and economic development, from the current 55.3 percent to 60 percent within four years.