Photo: Collected
The Chinese authorities have unveiled plans to allocate about 370.8 billion yuan ($51.5 billion) in 2024 to cover national needs in science and technology, which marks a possible 10% increase year-on-year, the government's draft budget plan for 2024 showed on Tuesday ( 5 March).
"The central budget expenses for scientific and technological needs are planned to be 370.8 billion yuan, with a 10% increase. These funds will be concentrated in the areas of basic research, applied fundamental research and resolving strategic scientific and technological problems of the state as a matter of priority," the document read.
Last year, China spent 337.118 billion yuan on science and technology, which was 102.8% of the budget target, the government said.
Beijing seeks to achieve self-sufficiency in science and technology and cement its own high-level potential, the authorities said, adding that the country should diversify investment into science, carry out profound reforms of distribution and use of the budget assignations for this sphere, and boost innovations.
In the document, the Chinese authorities, in particular, expressed the need to accelerate the construction of cosmodromes and space stations for commercial launches and promote the large-scale use of China's BeiDou Navigation Satellite System (BDS), as well as the creation and use of the satellite internet.
Moreover, by 2024, Beijing is planning to work out a program for the development of "industries of the future" and open new areas of development in quantum technologies and life sciences, the draft plan read.
On Tuesday , the second session of the 14th National People's Congress opened in Beijing and will run through March 11. The session is billed as China's main domestic political event of the year. As many as 2,897 delegates are scheduled to take part in the event.
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