China Considering $1.5 Trillion Plan to Stimulate Innovation

China will soon announce a plan to invest a massive $1.5 trillion over five years, with the goal of transforming seven industries into world-class leaders in innovative technology. Biotechnology is one of the target industries. Unlike most of the strategies presently in place for creating innovation, the plan does not call for huge government subsidies, but relies instead on creating incentives for bank lending, corporate investment and help from local governments. It is thought that China will cut the income tax rate in half – to 7.5% – for investors in the industries. More details....