Chinese firms spend more on R&D in 2013

More China-based companies have spent on R&D in the past fiscal year till the end of June 30, a survey from global management consulting firm Booz & Company said Monday.

According to the ninth annual Global Innovation 1000 study, the number of Chinese firms in the list rose from 50 to 75 for this year, and the total spending on R&D has reached $20.5 billion.

China National Petroleum Corporation surpassed all other Chinese firms with $2.29 billion in total, ranking 64th among all firms followed by ZTE which spent $1.40 billion on R&D.

Internationally, total R&D spending reached $638 billion in 2013, an increase of 5.8 percent from 2012, compared to 9 percent-plus growth in the two previous years.

The computing and electronics industry spent the most on R&D, but the software and Internet industries saw the greatest increase in spending

Apple and Google remain in the top two on this year's list, followed by Samsung.