R&D spending

THE country’s spending on research and development (R&D) hit a record high 2.4 percent of gross domestic product in 2020, according to preliminary data from the National Bureau of Statistics.

China’s total expenditure on R&D rose 10.3 percent from a year ago to 2.44 trillion yuan (US$377.8 billion), the bureau said in a release late Sunday. It’s the slowest incremental growth in five years and down from 12.5 percent in 2019. The R&D expenditure data released Sunday are subject to revisions, with the final 2020 tally expected later this year.

Local govt. bonds

THE country’s local government bond issuance reached 362.3 billion yuan in January, data by the Ministry of Finance (MOF) showed.

Out of the total, the issuance of general bonds totaled 212.7 billion yuan last month, while that of special bonds amounted to 149.6 billion yuan, the MOF said. In January, local government bonds were issued with an average maturity period of eight years and an average interest rate of 3.37 percent. The MOF data also showed China’s outstanding local government debt stood at 26.02 trillion yuan by the end of January.

Guizhou liquor base

GUIZHOU Province, home to China’s top alcohol brand Kweichow Moutai, has vowed to further boost the liquor industry, according to a recent outline issued by the provincial development and reform commission.

According to the outline, Guizhou will develop itself into a world-class liquor industry base. It targets an annual output of baijiu, a clear liquor made from sorghum and other grains, to reach 600,000 kiloliters by 2025.

In addition to Kweichow Moutai, Guizhou aims to promote more domestic liquor brands and steadily expand the production capacity of liquor by ensuring the supply of quality ingredients.