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China promises support for 7 emerging industries

BEIJING China’s Cabinet said Wednesday it has approved plans to promote development of seven emerging industries, including clean energy, as it tries to restructure the economy and boost growth.

The announcement comes as Beijing is trying to fight an economic slump by spending on affordable housing and public works construction.

The Cabinet said it approved plans to launch 20 “major projects” for emerging industries but gave no details of what support they might receive. Previous technology development efforts have included subsidies, tax breaks and other support that trading partners including the United States complained violated free-trade principles.

Other emerging industries targeted for support include environmental protection, information technology, biology, advanced equipment manufacturing, new materials and new-energy vehicles, the Cabinet said.



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