MIIT Distributes Renovation Funds    

China arranged RMB20 billion to help domestic enterprises to renovate technologies in a special catalogue. The Ministry of Industrial and Information Technology (MIIT) is assigned to allocate this RMB20 billion budget.
   The renovation fund is matched with the stimulus programs for ten industries. By the end of April the central government has approved three stimulus programs respectively for the iron & steel, automobile and the textile industries and issued the guideline catalogue of renovations in the three industries. The renovations listed in the catalogue will be funded by this budget.  
   The State Council of China recently decided to support the pillar industries including iron & steel, petrochemical, textile and food processing to accelerate the study and development of key common technologies, adjustment of products distribution and development of cyclic sustainable economy.