Ministry releases Made in China funding plan

Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, March 30, 2016. [Photo/Agencies]

China will inject around 10 billion yuan ($1.52 billion) over the next three years to support the development of industries involved in the Made in China 2025 strategy, a blueprint for upgrading the country's manufacturing sector, the Economic Information Daily reported Thursday.

The Ministry of Industry and Information Technology released a budget plan to allocate special funds for major projects in the Made in China 2025 strategy last month, the Xinhua-run newspaper said.

The budget plan covers more than 100 projects in 25 industries, with each project receiving 30 million to 50 million yuan in government financing. Projects concerning core technologies will get more than 100 million yuan.

These industries include the Internet of Things, new material, high-end consumer electronics, and more. Projects under the smart home appliance category consist of the smart refrigerator, the variable frequency air-conditioner, the smart rice cooker and intelligent toilet seat covers.

Aside from central-level funding, local governments have also increased financial support for the Made in China 2025 strategy.

Since last year, the Guangzhou provincial government has invested a cumulative sum of more than 1 billion yuan toward core industries such as robotics, biomedicine, integrated circuitry and rail transit systems.

In 2015, the State Council, China's cabinet, put forward the Made in China 2025 strategy, a roadmap aimed at upgrading the country's manufacturing industry by making it smarter, more efficient and more environmentally friendly and transforming the nation into a high-end global manufacturing center.