China IT to become world leader

China's IT industry output will triple by 2010 to become the world's largest, according to government predictions. In 2003, the IT industry output was expected to hit RMB 2.4 trillion (US$289.16 billion) to become the world's third-largest following the US and Japan.

The government said it is planning to spend about US$200 million annually to help domestic IT companies develop their own technologies and will also establish more integrated circuit (IC) manufacturing zones with preferential tax policies for domestic IC companies.

In the first 10 months of 2003, China's IT industry output reached RMB 1.8 trillion and contributed 30% to the country's economy.