From AP, via China Post:
China plans to spend 30 billion yuan (US$3.85 billion; euro2.96 billion) over the next five years on developments including high-speed trains, wind power stations and sea water desalination technology.
About 7.35 billion yuan (US$942 million; euro724 million) has already been allocated from the central budget, with the remaining money coming from companies, local governments and institutes, the Ministry of Science and Technology said on its Web site late Friday.
Even though China’s economy has grown by nearly 10 percent a year for the past several decades, it is still highly dependent on imported technology with relatively little domestic innovation. [Full Text]
