China's spending on R&D rises to 2.07 percent of GDP

November 21, 2016 10:06 AM EST

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BEIJING (Reuters) - China's spending on research and development (R&D) increased to 2.07 percent of GDP last year, up by 0.05 percentage points, as policy to promote more innovation led companies to up their investment in research, said a report published by the Ministry of Science and Technology on Monday.

China spent a total of 1.42 trillion yuan ($206.05 billion)on R&D in 2015, up 8.9 percent over the previous year.

Of that, companies spent 1.09 trillion yuan, showed the report, up by 8.2 percent year on year.

China this year revised up the size of its economy by adding R&D spending into its calculations for gross domestic product.

The world's No. 2 economy wants to boost its R&D spending as a share of GDP to 2.5 percent by 2020.

($1 = 6.8915 Chinese yuan renminbi)

(Reporting by Dominique Patton; Editing by Mark Potter)

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