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Chinese Industry Gets $2.9 bln Boost for Technical Upgrade

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BEIJING, May&nbsp;8 -- Industry is getting a shot in the arm from the central government in the form of 20 billion yuan (US$2.9 billion) allocated to help firms upgrade technology to boost domestic demand and encourage economic restructuring.
&nbsp;&nbsp;&nbsp; The government will distribute the money through rebates on loan interest payments for key industries including the steel, non-ferrous metals, petrochemical and textile sectors, the State Council said at a meeting presided over by Premier Wen Jiabao. 
&nbsp;&nbsp;&nbsp; The move is expected to trigger an overall investment of 460 billion yuan. 
&nbsp;&nbsp;&nbsp; The State Council said the support for technological upgrades is part of its 4 trillion yuan stimulus package introduced to mitigate the impact of the global economic crisis. 
&nbsp;&nbsp;&nbsp; The government announced plans to revitalize 10 key sectors last year, encouraging technological advances and fostering more balanced development of the industries. 
&nbsp;&nbsp;&nbsp; The State Council also said yesterday it will encourage alternative-energy vehicle research, support the development of integrated circuits, next-generation Internet and the country's own third-generation communication network based on the TD-SCDMA standard. 
&nbsp;&nbsp;&nbsp; It will also promote the development of key components for solar and nuclear energy. 
&nbsp;&nbsp;&nbsp; (Source: China Daily) &nbsp;

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Chinese Industry Gets $2.9 bln Boost for Technical Upgrade | Shanghai Non ferrous Metals

Chinese Industry Gets $2.9 bln Boost for Technical Upgrade

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