With Beijing allocating 426.42 billion yuan (US$61.7 billion) for the sector, it is positioning frontiers such as future energy, brain-computer interfaces and satellite internet as China’s future industries, with the nation doubling down on science and technology spending to support them.
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Chinese premier sets 2026 GDP growth target at 4.5-5%
Chinese premier sets 2026 GDP growth target at 4.5-5%
The allocation amounts to a 10 per cent year-on-year rise for science – the largest percentage increase among the government’s major spending areas, outpacing defence, diplomacy, public security and education.
The numbers were released in the Ministry of Finance’s draft budget report released during the annual legislative sessions in Beijing on Thursday.
Musk has pointed out the overlap in the past. “It seems like China listens to everything I say and does it, basically,” the billionaire said in a podcast interview in January.
“Or at least they’re doing it independently – I don’t know.”
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