(MENAFN) The Chinese Minister of Finance said that spending in research and development (R&D) hit USD164.1 billion last year, Xinhua reported.
The spending in the R&D amounted to 1.98 percent of the country's gross domestic product (GDP).
The country's expenditure in science and technology increased from USD27.5 billion in 2006 up to USD91.4 in 2012; an annual growth of 22.73 percent.
Spending in science and technology hit USD395 billion in the last seven years.
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