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China to beef up advanced materials industry

Source:   Time:

China plans to beef up investment and offer tax incentives to increase the annual output of its advanced materials industry to 2 trillion yuan ($313 billion) by 2015, said an official with the Ministry of Industry and Information Technology (MIIT) on Wednesday.

The target figure is about 5 percent of China's 2010 gross domestic output, as the world's second largest economy looks to emerging industries like advanced materials to pursue a more technology-driven, low-carbon and sustainable growth.

The government's 12th Five-Year Plan (2011-2015) for the advanced materials industry was approved at the MIIT last month and will be further specified, said Gao Yunhu, deputy head of the raw materials industry department of the MIIT, at an exposition in the northeastern city of Harbin.

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