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Global R&D policy will shift toward industrial needs

Friday, January 30, 2015

Subject

Outlook for R&D policies across OECD countries.

Significance

China has just announced new rules that greatly expand its visa programme for allowing foreign scientists to settle in the country, the People's Daily reported on January 25. Rising research and development (R&D) expenditure in BRICS countries is reducing the lead of OECD economies and deepening the interdependence between regions occupying key niches in global value chains. The 2008 financial crisis has reframed the importance of R&D policies as a means of responding to low productivity growth in OECD economies and for tackling major policy issues with limited funds. The oil price fall will affect green innovation adversely, but could spur further R&D investment in emerging economies dependent on fossil fuel exports.

Impacts

  • Advances in vehicle telematics, wearable technology and mobile payment will fuel developments in big data.
  • The United States will invest more in R&D than the EU, as it has stronger foundations in the digital economy.
  • The BRICS economies will see growing importance, as China's gross R&D overtook the EU in 2012.
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