By Special Correspondent

China will increase spending on science and technology to 426.4 billion yuan in 2026 as part of efforts to strengthen scientific and technological development, according to the draft central and local budgets submitted to the national legislature.

The report states that science and technology will remain a priority area of fiscal expenditure in 2026.

Expenditure on science and technology in the central government budget will rise by 10% to reach 426.4 billion yuan, with spending on basic research growing 16.3%.

The report states that investment mechanisms for innovation will be improved in order to diversify funding channels and guide more private capital and financial resources toward technological innovation.

Government funds will play a guiding role in encouraging additional investment in innovation-related activities.

Authorities will also work to improve the efficiency of science and technology spending by refining the management of government research funds. The report notes that China will support the development of regional innovation systems.

Efforts will continue to strengthen innovation centers in major regions, including Beijing and the Beijing-Tianjin-Hebei region, Shanghai and the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area.

Local governments will be guided to develop regional innovation hubs that align with national strategies and local industrial development needs.

The report states that the government will also promote the popularization of science and technology to improve public scientific literacy. Authorities will support efforts to advance original innovation and achieve breakthroughs in core technologies in key fields.

Investment mechanisms will be improved to provide both competition-based support and stable funding for scientific research.

The report states that China will continue to promote major national science and technology programs and support forward-looking planning for major scientific and technological projects. Efforts will also be made to strengthen the development of national laboratories and key laboratories across the country.

Authorities will advance reforms of research institutes in order to enhance their capacity for systematic innovation.

The report notes that China will also pursue integrated development of education, science and technology and human resources. Policies will be introduced to strengthen coordination between innovation activities and talent development.

Authorities will support reforms in higher education institutions and accelerate the development of world-class universities and disciplines.

Programs will be implemented to strengthen basic disciplines and interdisciplinary research and improve the training of scientific and technological talent.

The report states that initiatives will be expanded to cultivate scientists, engineers and highly skilled workers to support technological development and innovation.

Credit: INP-WealthPk