SHANGHAI (Reuters) – China will increase its annual research and development spending by more than 7% over the next five years, the government wrote on Friday in its work report from the Fourth Session of the 13th National People’s Congress.
The government will increase expenditure on basic research by 10.6% in 2021, the report added.
It will also continue to implement the policy of granting an extra tax deduction of 75% on enterprises’ R&D costs, and extend its pay-as-you-go lending model, channeling more funds toward scientific and technological innovation in 2021.
(Reporting by Josh Horwitz in Shanghai and Yingzhi Yang and Yilei Sun in Beijing; Editing by Sam Holmes)
