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The Zhongshan Bureau of Statistics released the report on sci-tech funds investment for 2023 on December 2.

The data shows that Zhongshan's research and development (R&D) expenditure in 2023 reached 12.717 billion yuan, up 26.3% from a year earlier.

Meanwhile, the intensity of R&D expenditure (ratio to the city's GDP) also increased to 3.30%, up by 0.5 percentage points over the previous year, hitting a record high.

The R&D expenditure of enterprises of all types stood at 11.643 billion yuan, marking a 22.7% year-on-year growth. The manufacturing industry contributed the most 10.934 billion yuan of R&D expenditure.

Research institutions also have impressive performance in R&D spending, with a year-on-year growth rate of 98.8%.