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China's research spending encourages vaccine development

China currently has seven candidate COVID-19 vaccines in phase three of clinical trials and four approved for use on the market, Science and Technology Minister Wan Zhegan said yesterday, Radio China reported.
Research spending for last year is expected to reach around 2.4 trillion yuan ($371 billion), a significant increase from the budget of 1.4 trillion yuan in 2015, the minister said.

China's R&D spending has doubled since 2015 and is expected to exceed 150 billion yuan, Wan Zhegan said, adding that last year the country climbed 14th from 29th in 2015 in the global innovation index.

“Since 2016, China's scientific and innovation capabilities have increased significantly and overall and structural changes have been achieved,” Wang Zhegan also said, adding that over 10% of the country's population is already scientifically literate.

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