R&D spending up 8.3% in 2024

China's spending on research and development maintained rapid growth last year thanks to efforts to support technological innovation. Total R&D expenditure exceeded 3.6 trillion yuan ($493.98 billion) in 2024, up 8.3 percent year-on-year, the National Bureau of Statistics said on Thursday. The input accounted for 2.68 percent of China's gross domestic products in 2024, up 0.1 percentage points from the previous year.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 12 pips to 7.1708 against the US dollar on Thursday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

Xinhua - China Daily