Patent applications, R&D spending up sharply (3)

It is noteworthy that although the study includes listed companies only, a few Chinese private companies have invested tremendously on innovation in recent years, said Steven Veldhoen, partner and head of China innovation practice at Booz & Company.

The telecommunications equipment and services company Huawei Technologies, for instance, spent 23.7 billion yuan ($3.66 billion) on research and development last year. That placed it in the 40th position in the latest Global Innovation 1,000 list, ahead of PetroChina, which held the 70th spot, and making it the largest spender on research and development among Chinese companies.

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