Shanghai-listed firms report more R&D spending

Source: Xinhua | 2019-11-04

Firms listed on the main board of the Shanghai Stock Exchange (SSE) stepped up investment in research and development (R&D) in the first three quarters of this year, the bourse said.
The combined investment in R&D by Shanghai-listed enterprises exceeded 240 billion yuan (about 34.09 billion U.S. dollars), jumping 27 percent year on year, with 71 firms spending over 500 million yuan during the January-September period, data from the SSE showed.
Several sectors, including electronics, special equipment and pharmaceutical manufacturing, reported fast expansion in their R&D spending, with a year-on-year growth rate of about 30 percent.
Thanks to the government's policy of cutting taxes and fees, firms had more spare money to spend on R&D, the SSE said, adding that this can push companies to improve performance and core competitiveness.