To combat the effects of the global economic climate, China’s cabinet recently approved CNY62.8 billion ($9.2 billion) in funding for 11 research programs in national public and private institutions, including universities and small businesses. Areas of focus include energy, agriculture and pharmaceuticals. Among the projects are the development of water pollution treatment technology, new drugs and transgenic products. The cabinet also approved a plan to develop biotechnology, with an emphasis on funding internationally competitive companies and to encourage private investment. Funding is to be spent by the end of 2010.

Source: China Daily