China urges industry to upgrade technology

China’s State Council urged industries to upgrade their technology to boost market confidence and domestic demand. The State Council said that it would give “sufficient support” to several industries, including steel, non-ferrous metals, alternative-fuel cars, telecommunication equipment and logistics, to help improve technology. Also, the government would make a special allocation of RMB20 billion (US$2.94 billion) to support technological upgrading, which was expected to attract RMB460 billion (US$67.39 billion) of private-sector investment as well. (May 11, 2009)