China's State-Owned Enterprises Boost R&D Investments

China's State-Owned Enterprises (SOEs) have significantly ramped up their research and development (R&D) investments, allocating more than 1.1 trillion yuan to foster innovation and bolster the economy. This financial commitment underscores the ongoing efforts of these entities to enhance their global competitiveness.

According to the State-owned Assets Supervision and Administration Commission of the State Council, the R&D spending reached approximately 158.51 billion U.S. dollars last year. This figure not only reflects the fourth consecutive year of investment exceeding the 1-trillion-yuan mark but also highlights a growing trend in supporting long-term technological advancement.

The data indicates that the R&D intensity, which measures the share of revenue reinvested into research and development, stood at 2.86 percent last year. This metric illustrates the substantial emphasis placed on innovation as a driver for economic growth within these enterprises.

In terms of workforce, China's SOEs employed around 1.44 million personnel dedicated to R&D, showcasing their commitment to cultivating human capital in innovation sectors. Additionally, these enterprises have established 474 national-level R&D platforms to facilitate deeper research collaboration.

The role of State-Owned Enterprises has evolved, as they increasingly promote collaborative innovation among various sectors, including enterprises, universities, and research institutes. This synergy is essential for fostering new breakthroughs and maintaining China's competitive edge in the global market.