CHINA's southern tech hub shenzhen spent a record amount on research and development (R&D) last year, rivalling Beijing's level, reports Hong Kong's South China Morning Post.
Shenzhen's R&D expenditure jumped to CNY223.66 billion (US$30.93 billion) in 2023, surpassing the CNY200 billion mark for the first time and up by nearly 19 per cent from the previous year, according to government data released last week.
R&D made up just under 6.5 per cent of the city's gross domestic product (GDP), breaking through six per cent for the first time.
That made Shenzhen, home to Big Tech companies like Huawei Technologies and Tencent Holdings, the second-largest R&D hub in China in terms of both absolute expenditure and spending relative to GDP, according to the municipal government.
SeaNews Turkey
Shenzhen's R&D expenditure jumped to CNY223.66 billion (US$30.93 billion) in 2023, surpassing the CNY200 billion mark for the first time and up by nearly 19 per cent from the previous year, according to government data released last week.
R&D made up just under 6.5 per cent of the city's gross domestic product (GDP), breaking through six per cent for the first time.
That made Shenzhen, home to Big Tech companies like Huawei Technologies and Tencent Holdings, the second-largest R&D hub in China in terms of both absolute expenditure and spending relative to GDP, according to the municipal government.
SeaNews Turkey
