Benzinga | Mar 1, 2021 09:22AM EST

China's 2020 R&D Spend Jumps Over 10% To $378M: Bloomberg

* China's R&D spend escalated to 2.4% of 2020 GDP, Bloomberg reports. The country's R&D spend rose 10.3% year-on-year to $377.8 billion (2.44 trillion yuan).

* The growth rate marks the slowest incremental growth in five years, from 12.5% in 2019.

* China is set to disclose additional self-reliance measures in technology and innovation at the upcoming National People's Congress, intensified by its trade war with the U.S. The disclosures include economic and other policy targets for 2021, the next five years, and through the year 2035. The initiatives are in support of Beijing's push for technology self-sufficiency.

* China aims to fast-track the progress of 5G technologies, semiconductor manufacturing, and other technologies critical to the next stage of economic development.