China’s innovation landscape witnessed significant growth in 2024, as the China Innovation Index surged by 5.3% to reach 174.2, according to data released by the National Bureau of Statistics (NBS) on Wednesday. This upward trajectory underscores the nation’s enhanced innovation capabilities and its pivotal role in reshaping the economic framework. The innovation environment saw marked improvements, driven by increased investment, accelerated innovation output, and stronger economic drivers. Notably, China’s expenditure on basic research soared by 10.7% year-on-year to 250.09 billion yuan ($35.3 billion), maintaining a robust double-digit growth rate. The proportion of basic research in total R&D spending hit a record high of 6.88%. Additionally, the number of invention patents granted in China rose by 13.5% to 1.05 million, reflecting the country’s commitment to fostering intellectual property development. The ‘three new’ economy—encompassing new industries, new business formats, and new models—accounted for 18.01% of China’s GDP, up 0.43 percentage points from 2023, further highlighting the transformative impact of innovation on the economy.