Designing a Novel Public Funding System for Research in China

Abstract

This paper proposes a new funding system aimed at enhancing the allocation and utilization of public finance for research in China. Through a critical review of existing funding mechanisms and empirical analysis of funding practices, the study identifies key challenges facing the current system, including inefficiencies in resource allocation, bureaucratic hurdles, and limited support for interdisciplinary and high-risk research endeavors. Building upon insights from international best practices and stakeholder consultations, the research outlines a comprehensive framework for the design and implementation of a novel funding system. The proposed system emphasizes principles of transparency, accountability, flexibility, and meritocracy, aiming to foster a conducive environment for scientific excellence, innovation, and societal impact. Key components of the new funding system include competitive grant programs, strategic research priorities, peer review mechanisms, interdisciplinary collaboration incentives, and performance evaluation criteria aligned with national development goals. Additionally, the paper discusses strategies for enhancing stakeholder engagement, promoting international collaboration, and ensuring sustainable funding sources to support long-term research endeavors. By offering a roadmap for reforming the public funding landscape for research in China, this study contributes to advancing scientific innovation, knowledge creation, and socio-economic development in the country.