China's economy '40% smaller'
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China's economy, the world's second largest, is not as big as was thought, a report by the World Bank claims.
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(InfoWorld) - China now spends more on research and development than Japan, but still only invests a little over a third as much as the U.S., according to the OECD. Although China's economy is growing at between 9 percent and 10 percent a year, its R&D spending is growing even faster, the Organization for Economic Co-operation and Development said Monday. OECD member countries need to stimulate innovation in new ways, and make their research processes more efficient if they are to compete, the organization warned. U.S. R&D spending this year will total $338 billion, compared to China's $136 billion and Japan's $129 billion, according to OECD estimates. The 15 original member states of the European Union will spend $233 billion on R&D this year, the OECD said, assuming that the countries' spending continues to grow at the same rates as between 2000 and 2004. The OECD's figures, drawn from its report "The Science, Technology and Industry Outlook 2006," show that 926,000 researchers are involved in China's R&D efforts, an increase of 77 percent between 1995 and 2004, while in the U.S. the figure is just over 1.3 million: China has two-thirds the number of researchers for only one-third the spending. Although the OECD compares figures for national R&D spending, a growing proportion of that investment comes from other countries, thanks to multinational companies. More than 16 percent of business-funded R&D in the OECD was performed by foreign affiliates in 2004, the organization said, up from 12 percent in 1993. The share of inward R&D funding exceeded 40 percent in five countries: Australia, the Czech Republic, Hungary, Ireland, and the U.K. While countries compete with one another to attract this inward R&D investment, they are also competing for researchers, and the political issue of human resources is taking on greater urgency, the OECD said. The U.S. now has 9.3 researchers per 1,000 in the labor force, compared to 10.3 in Japan and only 5.8 in the 25 member states of the European Union. Replacing those researchers, or increasing their numbers, will get harder: Fewer students are graduating in science and technology subjects in Denmark, Finland, Germany, Hungary, Italy, South Korea, and the U.S., the OECD found, and in the U.S. the number of doctoral students enrolling is also falling. The European Union now produces more doctoral graduates in science and technology than the U.S. -- but it is the U.S. that offers them the most jobs: half of the 46,716 post-doctoral positions open in 2003 went to foreign graduates, the OECD noted. The OECD has 30 members states "sharing a commitment to democratic government and the market economy." The members include Australia, Japan, Mexico, New Zealand, South Korea, Turkey, the U.S. and 18 European countries including France, Germany, Italy and the U.K. The OECD Web site offers further details of the report.ADVERTISEMENTNEW IT SERVICES FROM IBM: EASIER TO BUY AND IMPLEMENTDiscover a simpler, more cost-effective way to get the solutions your company needs to grow more flexible and efficient.
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Efforts to ease the Chinese economy off the boil are working but rapid exchange rate change is off the agenda, the Chinese president says.
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China is expected to take more steps to slow its galloping economy, a key engine of global growth, after hiking borrowing costs in a bid to stop the boom giving way to a bust.
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A Chinese government report has found that nearly 20% of products made in the country are below standard.
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Factory workers make less in China than in the U.S., and so do CEOs. But the impact on the market remains unclear.
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China's economy grew 11.4 percent in 2007, its fastest expansion in 14 years, driven by a boom in exports and investment, but growth slowed slightly toward the end of the year, according to government data reported Thursday.
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China's economy grew by 9.5 percent in the first three quarters of 2004 compared to the same period last year, China's National Bureau of Statistics announced.
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Chinese economic growth will slow to 10.2% in the first quarter of 2007, a government think-tank says.
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The governor of ChinaÂs central bank said economic growth is likely to slow slightly in the rest of 2006 and in 2007 as the bank acts to reduce liquidity.
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China's decision was its boldest so far aimed at guiding a heated economy onto a path of slower growth.
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Growth in China&#39;s roaring economy is expected to continue apace this year, rising 10.9 percent, a government think tank report said Wednesday, urging further economic cooling measures.
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China&#39;s economic growth has slowed for a third straight quarter as efforts by the government to rein in booming expansion continue to take hold.
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BEIJING -- The central bank says China's economy should grow by 10.5 percent this year, state media reported yesterday, even stronger than the 10 percent predicted last week by the National Bureau of Statistics.
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The Chinese Government will trim spending next year in an effort to slow economic growth to a more sustainable pace. Vice Finance Minister Lou Jiwei says China will reduce the
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For one thing, even if Chinese growth slowed in the third quarter, it won&#39;t indicate whether Asia&#39;s second-biggest economy is avoiding a hard landing.
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Chinese President Hu Jintao said the booming economy in China would grow by "around 9.0 percent" this year as controls implemented to slow overheated sectors of the economy took effect.