China's top private firms in R&D investment see steady rise in innovation spending

Exhibitors demonstrate a mobile robot for assisting paralyzed individuals at the Incubation Special Section during the 7th China International Import Expo (CIIE) in east China's Shanghai, Nov. 9, 2024. [Photo/Xinhua]

China's top 1,000 private enterprises in research and development (R&D) investment reported steady growth in innovation spending in 2024, according to a report released by the All-China Federation of Industry and Commerce on Friday.

The report, released at a conference on the private economy held in China's northwestern city of Xi'an, showed that the total R&D expenditure of these leading private firms reached 1.43 trillion yuan (about $201 billion) in 2024, up 2.78% year on year. The companies held a combined total of 1.4281 million valid domestic and international patents, a year-on-year increase of 27.58%, including 594,600 invention patents, up 15.55%.

With the deep integration of scientific and technological innovation with industrial innovation, these enterprises generated 39.92 trillion yuan in revenue in 2024, a 6.87-percent increase over the previous year, while total profits rose 7.85% year on year to 2.31 trillion yuan.

China's private sector is also strengthening its presence on the global stage. Among the world's top 1,000 companies in R&D investment last year, 112 were Chinese private firms, signaling steadily growing international competitiveness.