Shenzhen, China logged research and development spending of 223.66 billion yuan in 2023, up 19% year over year, the South China Morning Post reported Wednesday.
The amount is smaller than Beijing's R&D spending of 294.71 billion yuan in 2023, the report said.
In terms of enterprise R&D expenditures, Shenzhen took the lead during the year at 208.57 billion yuan, according to the report, citing the municipal government.
Shenzhen is home to tech giants such as Tencent (HKG:0700) and Huawei, which both contributed to the city's R&D spending, the SCMP said.
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