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BEIJING， May 21 (Xinhua) -- Private cars and public buses may no longer have to battle for precious road space in congested cities， thanks to one Chinese company.
A model of a Transit Elevated Bus (TEB) debuted at the 19th China Beijing International High-Tech Expo this week， one of many homegrown inventions on display. The passenger compartment of this futuristic public bus rises far above other vehicles on the road， allowing cars to pass underneath.
TEB is a purely domestic invention， said Song Youzhou， TEB's chief engineer， and it has already attracted interest from governments in France， Brazil， India and Indonesia looking to incorporate the vehicles into public transit systems.
Chinese companies and research institutions are reasserting their growing might in cutting-edge technology at the expo.
The expo has been held each year in Beijing since 1998. It was initially designed to expose China to advanced technology from around the world.
In its early years， foreign companies were the stars of the show.
"Foreign companies' booths got the best locations inside the hall， with all the special effects -- the lights and things to draw the attention of attendees，" said Wang Ping， a Chinese journalist who has been covering the expo since 1999. "At that time， Chinese companies' booths were modest at best."
Yet that has changed over the years， as China ramps up spending in research and development and views indigenous innovation as a crucial source of sustainable growth.
Research spending has risen to 2.1 percent of GDP， with annual R&D expenditures growing more than 20 percent over the past two decades. However， the number still lags behind the 2.8 percent typically found in advanced economies such as the United States， Germany and Japan.
China aims to elevate its R&D spending as a share of GDP to 2.8 percent by 2030. The target is part of a broader plan to catapult the country into the ranks of the world's leading innovative economies， with many of its industries climbing to the upper end of the global value chain， according to a master plan on boosting innovation-based growth released Thursday by China's cabinet.
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