Chinese companies have narrowed their R&D spending gap on US rivals, overtaking their European counterparts, with firms like Huawei leading the way by pumping millions into research and development, Nikkei Asia reported.
R&D expenditure by 2,500 leading companies worldwide totalled $1.36 trillion in 2022, according to a European Commission report published at the end of 2023. China accounted for 17.8% of the total, surpassing Europe’s 17.5% and trailing only the US at 42.1%.
Huawei is responsible for much of the Chinese spending surge, the report went on, investing $22.5 billion in 2022, ranking it first among Chinese companies and fifth in the world.
Read the full story: Nikkei Asia
- By Sean O’Meara
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