China tops 500,000 high-tech firms, up 83% since 2020

(ECNS) -- China had more than 500,000 high-tech enterprises by the end of 2024, up 83% from 2020, Science and Technology Minister Yin Hejun said Thursday.

He added that 524 mainland companies ranked among the world’s top 2,000 in industrial research and development investment, accounting for 26.2% of the list and a 4.8 percentage-point increase compared to 2020.

China’s R&D spending reached 3.6 trillion yuan ($495 billion) in 2024, 48% higher than in 2020, with an intensity of 2.68% of GDP, surpassing the European Union average. The country also leads globally in R&D personnel.

Over the past five years, China has built partnerships with more than 160 countries and regions, signed 119 inter-governmental sci-tech cooperation agreements, and joined over 200 international organizations and multilateral mechanisms, Yin said.