It has come to the knowledge from the State Council that China is resolute to expend 62.8 billion yuan ($9.2 billion) this year and the next in respect of new technology and this happens to be a part of its noble initiatives to stimulate economic growth. Let’s concentrate on the sectors then. They do include biotech, GM products, large-scale aircraft, broadband wireless technology and new oil, gas and coalbed methane exploration. According to experts, each of these sectors is highly prospective and can lead the country to betterment, if apposite endorsement is provided. It seems that there would be since this was said by China’s cabinet following a meeting chaired by Premier Wen Jiabao.

This is no startling development since China has the world’s second largest research and development budget, and is likely to invest over $136 billion this year after growing more than 20% in the past year. The Chinese government continues to place heavy emphasis on research and development by means of creating greater public awareness of innovation, and reforming financial and tax systems to promote growth in cutting-edge industries. President Hu Jintao in January 2006 called for China to make the transition from a manufacturing-based economy to an innovation-based one, and this year’s.

In addition, National People’s Congress has approved large increases in research funding. Stem cell research and gene therapy, which some in the Western world see as controversial, face minimal regulation in China. China has an estimated 926,000 researchers, second only to the 1.3 million in the United States.

China is also actively developing its software, semiconductor and energy industries, including renewable energies such as hydro, wind and solar power. In an effort to reduce pollution from coal-burning power plants, China has been pioneering the deployment of pebble bed nuclear reactors, which run cooler and safer, and have potential applications for the hydrogen economy.

“It is important to strengthen the role of technology in driving economic growth, which is also part of a series of government plans to tackle the global financial crisis,” the State Council said in a statement posted on China’s official government website. (www.gov.cn)