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China Invests 240 Bn Yuan in Technological Upgrading & Interest Discounts
Up to now, China has set 880 technological renovation projects for interest discounts with a projected investment totaling 240 billion yuan.
Of the 240 billion yuan, 145.9 billion yuan will be from bank loans and 195 billion yuan will be granted by the government for interest discounts.
Most of the projects will be completed in two years.
According to Sheng Huaren, the top official in charge of the State Economic and Trade Commission, since 1999, China has earmarked part of the funds from the treasury bonds to support the upgrading of key industries, leading enterprises and major products in some old industrial bases and has reversed the downside trend of investment in technological innovations.
Source: Panorama
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