China’s cabinet approved a plan on Wednesday to support seven strategic emerging industries by 2015 amid a slowing Chinese economy, Reuters reported. “As the economy faces increasing downward pressure, it has great significance in maintaining long-term steady and relatively fast growth,” the State Council said in a statement after a meeting presided over by Premier Wen Jiabao. The seven industries include energy efficiency and environmental protection, next-generation information technology, biotechnology, high-end manufacturing, new materials and new-energy vehicles. 20 major projects related to the seven strategic industries are preparing for launch, according to state media. Speculation has mounted in recent days over the scale and scope of a possible new stimulus plan by Beijing.
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