Science fund to grow from 2.8% to 3.3% of GDP

By Cai Wenjun | March 25, 2011, Friday |

Online Edition

SHANGHAI will increase its investment in scientific research and technology development from 2.8 percent of its gross domestic product to 3.3 percent by 2015 to boost innovation and industrialization of new technologies.

Medicine, ecology and information technology are among the sections that will get more funding during the 12th Five-Year Plan period, said Shou Ziqi, director of Shanghai Science and Technology Commission, today.

The authorities have seen positive results after introducing favorable policies to spur development of science and technology. The output of the city's biomedicine industry, for instance, will reach 200 billion yuan (US$30.48 billion) next year, doubling that of 1999 when the city began to promote the industry.

Metro

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Science fund to grow from 2.8% to 3.3% of GDP

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