Chinese enterprises increased their R&D spending

For the first time PetroChina has entered the top 100 of a worldwide innovation
list conducted by global management consulting firm Booz & Co. A total of 47 Chinese companies entered the 2011 Innovation 1000 list, compared with 40 Chinese companies in 2010’s survey, 23 in 2009 and 15 in 2008, according to the latest Global Innovation 1000 study.

This was the eighth annual analysis of corporate R&D spending by Booz & Co. Huawei Technologies Co. spent $ 3.8 billion in R&D last year. It is ranked 40thin the Global Innovation 1000 list, surpassing PetroChina to claim the position of the largest R&D spender among Chinese companies. The total R&D spent by 2011 Innovation companies headquartered in China was $ 14.8 billion. That compares with $ 11 billion the previous year. This is an increase of 34.5 percent over 2010.

A total of 13 Chinese companies were added to the list this year, including China National Chemical Engineering Co, China Shipbuilding Industry Co and Huayu Automotive Systems Co. Analysts said Chinese enterprises’ fast growing investment in R&D is an indication of a shift in their business strategy that is aimed at strengthening their core competitiveness. Globally, the innovation spending from the top 1000 public companies that spent the most on R&D in 2011 increased 9.6 percent to $ 603 billion – an all-time record, according to the survey.

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