China welcomes overseas investment in R&D: ministry

China welcomes foreign companies to ramp up spending on research and development (R&D) and set up R&D centers in the country, Shu Jueting, spokesperson for the Ministry of Commerce, said Thursday.

Shu made the remarks in response to a recent survey showing that the majority of responding companies from the European Union remain positive about undertaking R&D in China.

Innovation is a key part of China's new development paradigm and a major impetus to the high-quality development of the economy, the spokesperson said.

Thanks to its policy of innovation-driven growth, the country rose to 12th on the Global Innovation Index 2021, up from the 34th in 2012, Shu said, stressing that overseas companies, including those from Europe, have contributed to this progress and benefited from China's opening-up and innovation-driven development.

The country will steadfastly open up wider, strengthen the protection of intellectual property rights and improve the business environment to welcome investors from across the world, Shu added.