Beijing says greater allocation reflects importance of science and tech self-reliance in driving China’s economy and its rivalry with the US
3-MIN READ3-MIN ListenDannie Pengin BeijingPublished: 6:03pm, 5 Mar 2026Updated: 6:14pm, 5 Mar 2026China has just unveiled its draft fiscal budget for 2026 and its blueprint for the next five-year plan.
As Beijing reveals a 10 per cent year-on-year budget increase for the sector, it is positioning frontiers such as future energy, brain-computer interfaces and satellite internet as China’s future industries, with the nation doubling down on science and technology spending to support them.
Chinese premier sets 2026 GDP growth target at 4.5-5%
Chinese premier sets 2026 GDP growth target at 4.5-5%This year, China is allocating a total of 426.42 billion yuan (US$61.7 billion) for science – the largest percentage increase among major government spending areas, outpacing defence, diplomacy, public security and education.
The numbers were released in the Ministry of Finance’s draft budget report released during the annual legislative sessions in Beijing on Thursday.
Musk has pointed out the coincidence. “It seems like China listens to everything I say and does it, basically,” the billionaire said in a recent podcast interview.
“Or at least they’re doing it independently – I don’t know.”
