China Allocates Funds to Commercialize Research Findings in 2011

China has allocated RMB 818 million to promote the application of basic research in the commercial sector in 2011, according to the Ministry of Finance. The move aims to accelerate the transfer of scientific and technological achievements into products, promote corporate technical innovation and speed up economic reform. The funds will primarily be directed toward projects in the key mechanical components sector, and low carbon, environmentally friendly industries this year. The average subsidy for each project is RMB 7.71 million in 2011, up 20 percent from last year. The maximum subsidy for a single project can amount to RMB 45 million. Moreover, the ministry will make public each project before approving the funding.