Business
China Spends $279bn On Dev, Research
China’s total spending on research and development is estimated to have hit 1.76 trillion yuan (279 billion dollars) in 2017, a year-on-year increase of 14 per cent, China’s Minister of Science said yesterday.
“China needs to enter the ranks of innovative countries and become a big technological innovation power by 2050.
“Basic research and frontier exploration is the big lesson that must be done now,” Minister Wan Gang told a news conference.
China has been trying to ease its dependence on low-end heavy industries and to develop less-polluting ways to promote economic growth and move up the global value chain.
The 2017 spending amounts to around 2.1 per cent of total Gross Domestic Product.
This compares with around 2.8 per cent in the United States, 2.9 per cent in Germany and 3.3 per cent in Japan, World Bank data for 2015 shows.
China’s annual research and spending has risen 70.9 per cent from 2012, Gang noted.
China has established dozens of new high-tech industrial parks and incubators aimed at promoting technologies such as artificial intelligence, robotics and big data.
The country is also investing heavily to dominate industries such as nuclear and renewable energy, high-speed trains and electric vehicles.
Gang told reporters that China was aiming to bring output of electric vehicles up to 2 million units by 2020, double the estimated volume for 2018.
The Chinese currency exchanges at 1 dollar to 6.3115 Yuan.
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FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
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