(Yicai Global) Oct. 20 -- Chinese authorities said they will earmark USD1.5 billion (CNY10 billion) in a special fund for the Made in China 2025 initiative.
The country will use the fund to foster innovation in the manufacturing sector, strengthen industrial chain coordination, build a generic technology services platform and create an insurance program for the application of new materials, the Ministry of Industry and Information Technology (MIIT) said in a recent notice.
The fund will back an estimated 25 projects covering the Internet of Things, new materials, smart appliances, high-end consumer electronics, industrial information, security and infant formula quality control, the MIIT said.
Each scheme will get CNY30 million to CNY50 million of financial support, and key projects will receive more than CNY100 million for development, authorities said. Industry and information technology departments at all levels across the country have unveiled plans to aid key projects in their provinces.
From last year, Guangdong has invested over CNY1 billion in robotics, rail transportation, biomedicine, integrated circuits and intelligent equipment.
The MIIT has signed an agreement with the National Development Bank (NDB) to aid pilot projects that the market prefers. The NDB has pledged to offer at least CNY300 billion to the Made in China 2025 initiative from 2016 to 2020.
Many enterprises have started to apply for the fund. The head of an integrated circuits company said that financial support from the central and local governments will help her firm advance technologies and promote industrialization.