China's R&D expenditures hit record high

China's expenditures on scientific research and development (R&D) reached a record high in 2013 as the country pushed for an innovation-driven economy, according to official data released on Friday.

China's R&D expenditures totaled 1.18 trillion yuan (193 billion U.S. dollars) in 2013, up 15 percent year-on-year, according to a joint report published by the National Bureau of Statistics, the Ministry of Science and Technology and the Ministry of Finance.

Expenditures on elementary research, applied research, and experimental development accounted for 4.7 percent, 10.7 percent and 84.6 percent of the total.

Last year's R&D expenditures were the highest ever recorded, both in total amount and by share of GDP, the report said.

R&D funds accounted for 2.08 percent of the country's gross domestic product (GDP) in 2013, a higher proportion than the 1.98 percent registered in 2012, figures from the report show.

Companies and enterprises invested the most on R&D, with 907.58 billion yuan recorded in 2013, up 15.7 percent year on year. Government-affiliated research institutes and universities spent 178.14 billion yuan and 85.67 billion yuan, up 15 percent and 9.8 percent from a year earlier, respectively.

Six provincial regions, including Jiangsu, Guangdong, Beijing, Shandong, Zhejiang and Shanghai, invested the most on scientific R&D last year.