Over the next five years China's central government will invest a minimum of 6 billion yuan (US$750 million) in major scientific infrastructure developments. . 

China's National Development and Reform Commission (NDRC) announced Thursday that the 12 major projects include an accelerator-based neutron source, a large area space telescope, marine research vessels, a space remote sensing system and several other key projects.

The NDRC will invest a further 5 billion yuan (US$625 million) in the third phase of the Chinese Academy of Sciences' innovation project, building or upgrading 50 national engineering institutes and 100 national laboratories and supporting 300 authorized national technical enterprise centers.

"We'll strengthen the innovation system, boost research and development of major technologies and build the country into an internationally competitive, technology-rich nation with significant innovative capabilities," the NDRC said.

The NDRC is currently working on 29 detailed regulations to encourage corporate innovation and high-tech development in small and medium-sized enterprises. The regulations will be released by the end of the year.

(Xinhua News Agency September 22, 2006)