The combined investment in R&D by Shanghai-listed enterprises exceeded 240 billion yuan (about 34.09 billion U.S. dollars), jumping 27 percent year on year, with 71 firms spending over 500 million yuan during the January-September period, data from the SSE showed.
Several sectors, including electronics, special equipment and pharmaceutical manufacturing, reported fast expansion in their R&D spending, with a year-on-year growth rate of about 30 percent.
Thanks to the government's policy of cutting taxes and fees, firms had more spare money to spend on R&D, the SSE said, adding that this can push companies to improve performance and core competitiveness.
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