China to Become the Second Largest R&D Industry Globally by 2020
By 2020 China is projected to become the second largest R&D industry globally, overtaking Japan. In 13th Five Year Plan (2016-2020) China plans to increase R&D expenditure’s share of GDP to 2.5% by 2020. The country aims to become a high-tech regional hub encouraging scientific innovations and their commercialisation under the Scientific Innovation 2030 initiative and industrial transitioning plan – Made in China 2025. The latter initiative is set to fuel innovation in manufacturing industries and support the development of emerging industries such as IT, 5G mobile communications, computerised machines, robotics, electric vehicles, medical devices, artificial intelligence, and bio-pharmacy. However, industry’s development is projected to be negatively affected by growing skills shortage in the country, with graduates in science recording the lowest increase in number during 2011-2016.