is fast catching up with the US on its research and
development spending. It is all set to overtake Japan
to become the world's second largest spender R&)
in 2006, according to a forecast by the Organisation
for Economic Cooperation and Development (OECD).
OECD says that China is predicted to spend around $136
billion on R&D in 2006, ahead of Japan's forecast
for $130 billion. The US, says the OECD, will remain
the world's leading R&D spender $330 billionn.
EU-15, which includes the UK, France and Germany, will
spend between themselves $230 billion.
the decade ending 2004, China's R&D as a percentage
of its economy, doubled from 0.6 per cent to 1.2 per
cent, while the number
of Chinese researchers increased by 77 per cent. It
now ranks second with 926,000 people engaged in research,
behind 1.3 million in the US.
research suggests a greater emphasis on science is fuelling
growth along with the greater economic growth.