China to Boost Science-Tech Spending by 10% in Current Year

China has announced plans to increase its expenditure on science and technology by 10 percent this year, reaching 426.42 billion yuan ($62 billion). This boost marks the most rapid growth among major spending categories and is part of a strategic effort to achieve technological self-reliance. The proposed budget allocation for science and tech reflects a significant acceleration in spending compared to previous years. In 2008, this spending amounted to about 107.7 billion yuan, constituting 8 percent of central expenditures. Since then, the budget surpassed 200 billion yuan in 2012, exceeded 300 billion yuan in 2018, and is on track to…