Cookies on Pinsent Masons website

This website uses cookies to allow us to see how the site is used. The cookies cannot identify you. If you continue to use this site we will assume that you are happy with this

If you want to use the sites without cookies or would like to know more, you can do that here.

China outspends EU on research and development

China spent more on research and development as a percentage of GDP than the European Union in 2014, according to the Organisation for Economic Co-operation and Development (OECD).05 Feb 2016

China invested 2.05% of its GDP on research and development, passing its target of 2%, the OECD said. In comparison, EU member states spent 1.94% of GDP, short of its 3% budget.

According to the OECD, China's R&D spending has risen from 0.57% of GDP in 1995. EU R&D spending has only risen from 1.60% of GDP in 1995.

Korea has the world’s largest R&D intensity, at 4.3% of GDP in 2014 for the second year in a row, ahead of Israel at 4.1%, the report said.

The most recent data suggest that spending grew by 2.1% in 2014, a slower pace compared to the previous year which saw growth of 2.8%. This has been mainly driven by a steady increase in R&D performed by business, up 2.8%, the OECD said.

R&D expenditure in government institutions rose 1% after a previous fall but higher education fell by 0.2%. As a percentage of GDP, spending across the OECD remained unchanged at 2.4%, the report said. 

More from Out-Law.com