September 8, 2010 / 1:10 PM / 9 years ago

China targets seven strategic industries for growth

A worker cleans solar panels at a solar energy plant in Jinzhou, Liaoning province December 12, 2009. REUTERS/Sheng Li

BEIJING (Reuters) - China on Wednesday reaffirmed its intention to promote seven new strategic industries, including alternative energy and biotechnology, and spur firms in those sectors to expand abroad.

The State Council, China’s cabinet, said it would encourage banks to lend to the cutting-edge sectors.

It also urged venture capital firms and private equity funds to finance their growth, according to a statement posted on the main government portal,

The other industries are new-generation information technology, high-end equipment manufacturing, advanced materials, alternative-fuel cars and energy-saving and environmental protection.

Plans to develop the seven sectors are likely to feature prominently in the 2011-2015 five-year plan that the ruling Communist Party is now drafting.

Reporting by Aileen Wang and Alan Wheatley; Editing by Kim Coghill

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