China's spending on research and development and technical services surged by 12.3 percent year on year in the first seven months of this year, according to value-added invoice data released by the State Taxation Administration on Tuesday.
The upswing in research and development funding highlights the ongoing commitment by sci-tech enterprises to enhance the conversion of sci-tech advancements into applicable technologies, thereby invigorating innovation-driven vitality.
Official statistics revealed that the revenue derived from services related to the commercialization of scientific and technological research achievements jumped by 26.5 percent from the same period of last year, signifying rapid formation of new productive forces in the realm of scientific and technological research.
Li Yang, manager of Gpixel Microelectronics Co., Ltd., an imaging sensor production company based in Changchun City, northeast China's Jilin Province, said the country's tax and administrative fee policies effectively alleviate the financial pressure on business operators, fostering an environment that encourages enterprises to focus more intently on scientific and technological progress.
"So far this year, our company has benefited from tax incentives, such as additional tax deductions for research and development costs, income tax deductions for key integrated circuit design firms, and value-added tax deductions, totaling 17.33 million yuan (2.43 million U.S. dollars). The funds saved can be funneled in lump sums into the development of new high-tech products, enabling us to constantly adapt to the varied demands of the market," Li said.
From January to July this year, Jilin's high-tech industry enjoyed a year-on-year increase of 33.89 percent in tax and administrative fee reductions, which is expected to bolster investment in research and development.
"In the first half of this year, the provincial government of Jilin approved tax and administrative fee reductions and tax rebates to the tune of 12.722 billion yuan (1.785 billion U.S. dollars) across the province, in implementation of major policies supporting the development of sci-tech innovation and manufacturing industry, benefiting 120,000 taxpayers," said Li Yuguo, deputy director of the Policy and Regulation Research Department under the Jilin Provincial Taxation Bureau.
China's spending on research and development up 12.3 percent in January-July
