In R&D, there is less R and more D

Innovation | Yutao Sun and Cong Cao

Funding for applied and basic research in China remains low despite huge amounts being spent

Arecent OECD report on research and development around the world threw up some headline statistics for China to cheer. In 2012, the country invested 1.98 percent of its GDP in R&D, more than the same indicator for all the 28 EU member states put together. It is without doubt an impressive figure. But what does it mean for China's long-term innovation quest?