China’s financing and investment spread across 61 BRI countries in 2023 (up...
2024-02-27 30 英文报告下载
Collectively, U.S. firms in these nine advanced sectors continue to invest more in R&D than do Chinese firms. In 2021, U.S. firms spent 3.4 times more than Chinese firms: $529 billion on R&D, while Chinese firms spent $154 billion.12 As a result, U.S. firms’ R&D share was 47.4 percent compared with Chinese firms’ 13.8 percent.13 (See figure 1.) This is compared with the rest of the world’s 39 percent.14 Even when controlling for gross domestic product (GDP), U.S. firms still spent more than Chinese firms. For every $1,000 of GDP, U.S. firms in these nine sectors spent $22.70 on private R&D, while Chinese firms invested $8.67. 15 The rest of the world’s firms spent $7.80.16 In other words, both U.S. and Chinese firms invested more in R&D as a share of their R&D compared with the rest of the world, but U.S. firms still outperform Chinese firms.
When adjusting for wage differences, Chinese firms are rapidly catching up to U.S. firms’ spending. Although wages are difficult to measure, PayScale has estimated that research scientists in China earned 1.9 times less than their U.S. counterparts—$45,446 compared to $87,132 in the United States.19 This difference means Chinese firms’ R&D spending goes farther. When wage differences are adjusted for, U.S. firms only spent 80 percent more than Chinese firms—$529 billion compared to Chinese firms’ $295 billion.20 Moreover, adjusting for both wage differences and GDP, U.S. firms’ spending was only 37 percent more than Chinese firms’—$1.74 per $1,000 of GDP compared to $1.28 for Chinese firms.
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