China’s sci-tech hub invests more in research, development

BEIJING (Xinhua) – Beijing’s Zhongguancun, known as China’s ‘Silicon Valley’, has seen increases in both spending on and persons employed for research and development (R&D) during the January-August period this year.

R&D expenses totalled CNY146.45 billion, up 16.1 per cent year on year, according to the latest report by the Beijing Municipal Bureau of Statistics.

The total revenue of large high-tech enterprises in Zhongguancun was close to CNY3.707 trillion yuan, an increase of 12.5 per cent over the same period last year, according to the bureau.

These enterprises employ a total of 622,000 R&D personnel, up 1.3 per cent year on year.

Statistics indicate that the fields of electronics and information, new materials and applied technology, and advanced manufacturing showed good growth momentum, with year-on-year growth of 14.5 per cent, 10.2 per cent and 14.1 per cent.