Since joining the WTO, China has become a world-leader in research and development, particularly in the realms of science and technology.
Through R&D, China aims to accelerate the development of its domestic knowledge-based economy thereby sustaining its GDP growth well into the future.
China’s expenditure on R&D in recent years increased by around 16% per annum, reaching US$378 billion in 2020. According to the OECD, China has the world’s highest R&D expenditure when calculated on a PPP (purchasing power parity) basis.
China’s technological capacity and know-how is rapidly advancing and China-based manufacturers are now capable of doing ODM/OEM to the highest standards in virtually all fields of business enterprise.
Ignorance is at the root of the widely held misconception that China-based manufacturers produce low-cost inferior “Made in China” products. This negative mindset is an anachronism and should be consigned to the archives of the past millennium. As a market economy and the world’s top exporter, China conforms to global market forces by manufacturing a wide range of “Made in China” products from the low- to the high-end of the market.