Industry gets 20 billion yuan boost for technical upgrade

Industry is getting a shot in the arm from the central government in the form of 20 billion yuan ($2.9 billion) allocated to help firms upgrade technology to boost domestic demand and encourage economic restructuring.

The government will distribute the money through rebates on loan interest payments for key industries including the steel, non-ferrous metals, petrochemical and textile sectors, the State Council said at a meeting presided over by Premier Wen Jiabao.

The move is expected to trigger an overall investment of 460 billion yuan.