China to invest RMB 62.8 bln to boost new tech development

China plans to pour RMB 62.8 billion (US$9.2 billion) in investment into the new technology sector by the end of 2010 to support eleven national research programs that are expected to help boost domestic demand, the State Council said at a meeting presided over by Premier Wen Jiabao on Wednesday, the official Xinhua News reported.
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The investment will be used mainly in the sectors of advanced numerically controlled machine tools, trunk-line aircraft, new-generation broadband wireless mobile communications networks, high-end central processing units and software, and new oil, gas and coal-bed methane exploration.

The report also said that companies involved in the programs will contribute supplementary funds for investment in the projects.

The government will also support the development of biological technology in areas such as medicine, agriculture, energy, manufacturing and environmental protection.

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BY China Knowledge Staff
Source：China Knowledge

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