China promises support for 7 key industries
BEIJING (AP) — China's Cabinet has approved plans to support development of energy and six other strategic industries as it tries to restructure its economy and boost growth.
Wednesday's announcement comes as Beijing is trying to reverse a sharp economic downturn with more spending on affordable housing and public works.
The Cabinet said other industries targeted for support include environmental protection, information technology, biology, advanced equipment manufacturing, new materials and new-energy vehicles.
It gave no details of what support they might receive. Some previous government efforts to promote technology development have prompted complaints by the United States and other trading partners that Beijing was using improper subsidies or trade barriers.
