China increases science and technology budget by 10% for fiscal and taxation reforms.
China plans to strengthen fiscal and taxation policies to boost scientific and technological innovation, industrial upgrades, and new growth momentum. Vice-Minister of Finance, Wang Dongwei, announced a 10% year-on-year increase in science and technology expenditure, with 370.8 billion yuan ($51.3 billion) allocated in this year's budget. Focusing on investing in basic research and major national science and technology projects, China also aims to enhance the industry's resilience and security, and promote the digital transformation of small and medium-sized enterprises.
August 02, 2024
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