Beijing, Feb 27 (IANS): China's spending on research and development (R&D) has seen rapid growth during the 13th Five-Year Plan period (2016-2020).

Its total expenditure on R&D in 2020 is projected to reach 2.4 trillion yuan (about $372 billion), announced Minister of Science and Technology, Wang Zhigang.

China's spending on basic research in 2020 has nearly doubled that of 2015 and will likely exceed 150 billion yuan in 2020.

During the 13th Five-Year Plan period (2016-2020), spending on basic research achieved an overall growth rate of 16.9 percent, Wang said.

The contribution rate of scientific and technological progress is projected to reach 60 percent in 2020, and the proportion of the scientifically literate Chinese population has surpassed 10 percent, reports Xinhua news agency.

China's ranking in the Global Innovation Index, released by the World Intellectual Property Organisation, went from 29th in 2015 to 14th in 2020, Wang added.