China government will allocate 20 billion yuan (2.9 billion US dollars) this year to help Chinese firms upgrade technology to boost domestic demand and encourage economic restructuring. The money will distributed through rebates on loan interest payments for key industries including the steel, non-ferrous metals, petrochemical and textile sectors. The interest subsidies for supporting technology upgrades may stimulate an additional 460 billion yuan in investment from companies and local governments, according to the State Council statement.

Source: China Textile Leader