China's annual private sector investment in research and development in U.S. dollar terms fell for the first time in 13 years, hurt by a weaker yuan and tight credit policies, a new report said.
China's largest listed companies spent a combined .2 billion on R&D over the past year, down 3.3 percent year on year, said the report covering the world's 1,000 largest listed firms released this week by PwC consultancy Strategy&.
Strategy& attributed the fall in R&D to the weaker yuan last year and tight credit policies impacting investment in the industrial sector, which spends more on R&D than any other sector in the country.
But in yuan terms, R&D spending rose 8 percent annually, but it fell from double-digit growth shown in last year's report.
Globally, R&D investment by the 1,000 largest listed firms climbed 3 percent year on year to exceed 0 billion for the first time.