China’s rapid growth of R&D expenditure has attracted wide attention from the international scientific and policy communities. We try to open the “black box” of China’s central R&D expenditure based on an analytical framework of “funding−performing” in Chapter Four. Specifically, the chapter solves a major mystery regarding China’s central government’s R&D expenditure – who spends how much on what. By using data released by central government agencies with mission in S&T and innovation between 2011 and 2020, we find that the allocation of the central R&D expenditure has become decentralized and diversified, which has posed new challenges for China’s R&D budget management. Much of the public money has financed scientific research, but the nation’s overall R&D funding has been oriented toward development research, thus pointing to a possibility that China’s efforts to build an enterprise-centered innovation system may lack a solid scientific foundation. The findings are helpful for understanding China’s S&T budgeting process and spending patterns as well as funding structure.