China has proposed to increase its overall research and development (R&D) expenditure by at least 7% per year over the next five years, which translates to billions of extra dollars each year. This typically covers government and private-industry spending on basic research, applied research and experimental development. China's latest R&D target was set as part of the country's next five-year plan (FYP), which serves as an overarching blueprint and will run from 2026 to 2030. The plan ' the 15th in the country's history ' is currently being reviewed by lawmakers in Beijing. Unlike many countries, including the United States, in which private companies drive R&D, China's has so far been dominated by state-owned enterprises and government laboratories. As of 2023, the Chinese government was the world's biggest spender on R&D, according to the Organisation for Economic Co-operation and Development (OECD). But China wants private companies to lead its R&D over the next five years....
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