In almost 20 years, China's R&D expenditure as a percentage of its gross domestic product has more than tripled, reaching 1.98 per cent in 2012. This figure surpasses the 28 member states of the EU, which collectively managed 1.96 per cent.
However, despite this, China saw a sharp decline in money spent on scientific research, in particular applied research. Basic research funding plummeted from 5.2 per cent in 1995 to 4.7 per cent in 2011, and applied research funding fell from 26.4 per cent to 11.8 per cent in the same years.