July 01, 2010 08:22
China is emerging as a formidable rival to Korea in science and technology as it invests twice as much as Korea in research and development in the fields. According to the Korea Industrial Technology Association on Wednesday, China's 100 biggest companies invested a combined US$33.76 billion in R&D in 2008, 2.3 times larger than Korea's $14.72 billion.
China's five largest firms far surpassed their Korean counterparts in R&D spending, with the exception of top-ranked China National Petroleum Corp. which was outspent by Samsung Electronics. China exceeded Korea in investment in almost every sector including textiles, metals, machinery, mining, and utility and service industries. Korea was the leader only in the fields of electro-mechanics and electronics.
Recently China has been making waves in state-of-the-art science and technology. The Chinese-developed Nebulae ranked second on a list of the 500 most powerful supercomputers released at the International Supercomputer Conference last month.
Huawei, the nation's leading communications device maker, filed the most applications for international patents and trademarks in 2008. Early this year it clinched a deal to build a next-generation Long Term Evolution network in Sweden, the home of telecom giant Ericsson, alarming U.S. and European companies.
Chinese companies are also distinguishing themselves in green technology. The nation's mining and energy firms are focusing on eco-friendly power generation technologies to reduce pollutants by gasifying coal. In the rechargeable batteries sector, companies such as Shenzhen-based BYD are making names for themselves in the world market.
"China is forging global partnerships with market leaders in the electric car industry while conducting its own research to rapidly absorb advanced technologies," Park Rae-jung, a senior researcher with the LG Economic Research Institute said. "The country's solid financial resources will further facilitate its technological development."
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