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International Monetary Fund

Updated: Jul 27,2016 10:45 AM

Although the BRICS are often treated as a group, there are striking differences among them. For example, China now spends more than 2 percent of GDP on R&D and ranked first in the world with respect to the number of patent applications in 2013. Important challenges for China remain, however, for instance, with respect to the enforcement of intellectual property rights, the diffusion of technologies outside of high-tech parks, and the need for a more level playing field between state-owned enterprises and other firm.

-- International Monetary Fund