Bulletin of Chinese Academy of Sciences (Chinese Version)


scientific research; social investment; S&T expenditure; institutional system

Document Type

S&T and Financing Integration Framework and Proposal


Innovation always originates from scientific research (basic research and applied research). Investing in scientific research can create new products and new industries, and bring continuous and huge profit. It appeals to a wide range of social investment from market to fund scientific research in recent years. Such economical return, however, is often thwarted by the high risk and uncertainty of scientific research. The main obstacle to the social investments funding scientific research is analyzed in this paper and then some examples are presented as well. It illustrates that it is crucial for public policy to shorten the gap between the science and market in order to make it easier for all kinds of social capital to support innovation. The main challenge for policy makers is to determine the priority of innovation and to reduce the risks, and it is of great essence to construct a supportive system for social investment funding scientific research.

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Bulletin of Chinese Academy of Sciences


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