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R&D spending above global average
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CHINESE manufacturers are more active than the global average in increasing research and development expenditure to upgrade technology and drive growth, a KPMG survey showed yesterday.
Around 93 percent of all respondents in China said they plan to spend at least 4 percent of revenue on R&D over the next 24 months, up from 65 percent in the past two years, the survey found.
In contrast, 74 percent of global manufacturers said they plan to spend over 4 percent of revenue on R&D, up from 59 percent in the last two years, according to the survey.
“Many of China’s manufacturers are now looking to innovation and expansion to achieve their growth targets,” said David Frey, partner of markets strategy at KPMG China.
“China’s government is already taking significant steps to encourage entrepreneurship and innovation as a way to spur economic growth.”
Frey said Chinese government incentives will act as a catalyst for more innovation in small and medium enterprises. He added that mergers and acquisitions will become more vital for China’s leading manufacturers to propel growth and stay ahead of the competition.
The survey, titled Preparing for Battle: Manufacturers Get Ready for Transformation, covered 386 senior executives, with 40 from China working in aerospace and defense, auto, conglomerates, consumer products, engineering and industrial products, and metals.
The survey also found 58 percent of respondents in China cited sales growth as one of their top strategic priorities in the next two years, followed by 53 percent for development of new products and 43 percent for reducing cost.
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