China to subsidize hi-tech industrial clusters
More than 70 emerging industrial clusters are to receive government support as China eyes technological innovation for its economic growth. The government is assessing 10 clusters that highlight high technology and innovation, according to Economic Information, a newspaper under Xinhua News Agency. Designated clusters include new energy, telecommunications and environmental protection, the report said. Each cluster will receive government subsidies of up to 100 million yuan ($16.4 million) and policy preferences, it added, citing officials from the Ministry of Science and Technology.