Two Sessions 2024 | China's R&D expenditure exceeds 3.3 tn yuan in 2023: minister

China's research and development (R&D) expenditure exceeded 3.3 trillion yuan (about 458.5 billion U.S. dollars) in 2023, an 8.1-percent year-on-year increase, Minister of Science and Technology Yin Hejun said Tuesday.

Speaking to journalists on the sidelines of the ongoing "two sessions," Yin said the spending in basic research reached 221.2 billion yuan in 2023, a year-on-year increase of 9.3 percent.

"Scientific and technological innovation not only enhances the competitiveness of the country's traditional industries, but also lays a solid foundation and injects impetus into the development of new quality productive forces," Yin said.

Looking ahead, efforts will be made to tackle key tasks, enhance talent cultivation, and deepen institutional reform in the science and technology field, according to the minister.