BEIJING, July 26 (ABC): China’s manufacturing sector saw an increase in research and development (R&D) investment during the 2012-2021 period, the Ministry of Industry and Information Technology (MIIT) said Tuesday. Investment in the sector’s R&D rose from 0.85 percent in 2012 to 1.54 percent in 2021, Wang Wei, an MIIT official, said at a press conference.
In 2021, the R&D investment of China’s specialized and sophisticated enterprises that produce new and unique products reached 10.3 percent, according to Wang. The manufacturing sector is also seeing an improvement in its innovation system. A total of 23 manufacturing innovation centers have been set up by the central government or co-established by the central and local governments.
Industrial enterprises with an annual business turnover of at least 20 million yuan (about 2.96 million U.S. dollars) saw the share of revenue brought by new products in total business revenue increase from 11.9 percent in 2012 to 22.4 percent in 2021, according to Wang.