China's top 500 private enterprises saw steady growth in their ability to innovate during 2019, according to a report released by the All-China Federation of Industry and Commerce.
Within the leading 500 firms, the key technologies of 402 companies were mainly developed independently, accounting for 80.4 percent of the total, says the 2020 survey and analysis report on China's top 500, which is based on 2019 data.
The number of valid patents obtained by the top 500 increased by 8.46 percent in 2019, while the figure for international patents also grew significantly, according to the report.
The enhanced innovation capability was fueled by hefty research and development (R&D) investment. According to the report, the biggest spender on R&D spent 131.6 billion yuan (about 19.2 billion U.S. dollars) in 2019, with the second biggest spending 20.7 billion yuan.
The report also highlights figures for R&D intensity, the proportion of R&D expenditure to main business revenue. Among the top 500 private companies, 59 had an R&D intensity of more than 3 percent in 2019, while five companies surpassed 10 percent. Enditem
