A GREATER take-up of science studies in China has resulted in a rapid growth of innovative industries, the Institute for Fiscal Studies (IFS) said yesterday.
Almost one in two Chinese graduates study for science and engineering degrees, the group said.
Research and development (R&D) investment has soared in China in recent years. The proportion of national income going to R&D, 1.1 per cent, has nearly caught up with the UK’s 1.15 per cent investment.
“Western multinationals who account for 25-30 per cent of the R&D investment in China and who increasingly create new technologies using Chinese inventors,” the report found.
If the trend continues, “in 2025, the US and Europe will have lost their scientific and technological supremacy for the benefit of Asia”, the IFS said.