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China Allocates RMB 20 Billion To Support Industry Restructuring

This article was originally published in PharmAsia News

Executive Summary

According to China's Ministry of Industry and Information Technology, RMB 20 billion ($2.9 billion) was allocated as interest subsidies for technology updates, with priority given to light industry as well as textile and pharmaceutical sectors. The ministry and National Development and Reform Commission have jointly started accepting project applications and evaluating proposals from the three industries. The restructuring and revitalization will focus on six aspects: (1) speed up common key technology R&D and reorganization of product structure; (2) push localized independent production of crucial technology and equipment; (3) support development of energy-saving, environment-friendly and safe technologies; (4) promote information technology applications; (5) support local brand cultivation and establish an industry credit system; and (6) strengthen food and drug safety assurance. (Click here for more - Chinese Language)
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