The National Bureau of Statistics announced on Oct 25 that China Innovation Index hit 165.3 in 2023, a 6 percent increase from the previous year, indicating steady growth.

According to the most recent data, China's Innovation Environment Index rose to 177.1, a 10.4 percent increase. Key improvements include a 24 percent rise in the proportion of enterprises benefiting from tax deductions, a 15.1 percent increase in the ratio of science and engineering graduates, and other indices such as higher education employees per 10,000 workers, per capita GDP, and scientific funding proportions, which grew by 6.6 percent, 5.4 percent, and 2.3 percent respectively.

Innovation investment also grew, with the Innovation Investment Index reaching 155.0, up 5.5 percent. R&D expenditure totaled about 3.34 trillion yuan ($468.76 billion), an 8.4 percent increase, maintaining China's position as the second highest globally.

The Innovation Output Index increased to 199.7, a 6.5 percent rise. Valid invention patents in China surpassed 4 million for the first time. High-value invention patents accounted for 41.5 percent of the total.

The Innovation Effectiveness Index climbed to 129.4. Labor productivity reached 161,615 yuan per person, a 5.7 percent rise. The added value of new industries, new business formats and new business models, dubbed the "three new" economy, hit 22.4 trillion yuan, a 6.4 percent increase, making up 17.73 percent of GDP.