According to the survey of enterprise innovations released by the National Bureau of Statistics on the 22nd, the research and development funds of Chinese enterprises are mainly used for the improvement of existing products and technologies, and only one-third of them are used for new product development and basic research in the field of innovation.
According to the survey, 33% of corporate R&D expenditures are used to “improve processes to improve efficiency and reduce costsâ€, and 31% are used for “development research aimed at improving existing technologies and expanding product useâ€, 24% for “ Complete new product/new process development (estimated to be commercialized within 3 years), 9% for “basic research (not commercialized for at least 3 years)†and 3% for Others.
The survey also revealed that internal financing is the main source of corporate innovation funding. More than 75% of the innovation funds come from internal fundraising, while loans are only 12%, and government funds, partner funds, and capital market funds are less than 5%.
“Enterprise R&D funds mainly depend on the self-raising of enterprises, and the social support mechanism and strength of enterprise innovation should be further improved and strengthened.†Yao Jingyuan, chief economist of the National Bureau of Statistics, said.
The survey also calculates the top 10 cities with high innovation environmental assessment based on the comprehensive scores of the enterprises in the city's innovation environment. The rankings are: Shanghai, Hangzhou, Qingdao, Shenzhen, Suzhou, Beijing, Changzhou, Yantai, Guangzhou, Shaoxing.
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