China spent more than $583 billion ($584.8 billion) on research and development in 2025, pushing its R&D-to-GDP ratio to 2.8% — above the OECD member average for the first time. The country now ranks 9th globally in innovation capability.
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Beijing delivered a coordinated policy package in late September 2026, combining a PSL rate cut, expanded re-lending quotas totalling $104 billion, and a new mortgage subsidy — but analysts characterise the response as calibrated support rather than broad stimulus.
Premier Li Qiang chaired a State Council executive meeting on 28 September 2026, triggering a coordinated package of monetary easing and housing subsidies.
National retail sales grew just 0.4% year-on-year in August 2026, masking steep declines in Shanghai (-6.7%) and Beijing (-2.6%). The data exposes a structural split between China's wealthiest urban cores and the rest of the country.