China Tops Europe In R&D Intensity

ananyo writes "By pouring cash into science and technology faster than its economy has expanded, China has for the first time overtaken Europe on a key measure of innovation: the share of its economy devoted to research and development. In 2012, China invested 1.98% of its gross domestic product (GDP) into R&D — just edging out the 28 member states of the European Union, which together managed 1.96%, according to the latest estimates of research intensity, to be released this month by the OECD. The figures show that China's research intensity has tripled since 1998, whereas Europe's has barely increased (see graph). The numbers are dominated by business spending, reflecting China's push in the manufacturing and information- and communication-technology industries."