China's R&D spending expands in 2013

China's spending on research and development (R&D) expanded in 2013, reaching 11.847 trillion yuan (about $1.93 trillion), latest data from the National Bureau of Statistics (NBS) showed.

R&D expenditures accounted for 2.08 percent of the country's gross domestic product (GDP) in 2013, compared to 1.98 percent in 2012, according to the NBS.

R&D expenditure as a percentage of GDP is viewed as an important indicator to evaluate a country's investment in innovation.

China's spending on R&D has been rising rapidly since 1995 at an annual growth rate of 21.6 percent. R&D spending in 2013 was 33 times higher than that of 1995, the NBS data showed.

In 1995, R&D expenditures accounted for only 0.57 percent of GDP.