China's central SOEs spend more on R&D

BEIJING — China's centrally-administered State-owned enterprises (SOEs) spent more on research and development (R&D) in 2020 amid efforts to boost innovation-driven development, according to the country's State-asset regulator.

Their R&D input grew 11.3 percent year-on-year, while R&D intensity, the percentage of revenue that is reinvested in R&D, rose to 2.55 percent, data from the State-owned Assets Supervision and Administration Commission of the State Council showed.

The R&D intensity of central industrial enterprises reached 3 percent.

Revenue of the central SOEs went down 1.9 percent year-on-year in 2020, according to data from the Ministry of Finance.

Central SOEs have played a larger role in leading innovation efforts as well as actions to improve the industrial and supply chains. They have built more than 400 innovation platforms and promoted the coordination and development of small and medium-sized enterprises.