China to spend $1.7 trillion on tech, clean energy

China has confirmed to US officials that it will spend US$1.7 trillion in technology and clean energy sectors during the next five years, Reuters reported. The government will likely not be the source of most of the money but will push for private company spending, local government projects and bank lending to these sectors. The sectors include alternative energy, biotechnology, information technology, high-end equipment manufacturing, advanced materials, alternative-fuel cars and environmentally-friendly technologies. China will ensure that US and other foreign firms can take advantage of the growth of these sectors, said US Commerce Secretary John Bryson. “We had a very good dialogue on China’s strategic emerging industries and we welcome China’s commitment that it will create a fair and level playing field for US companies in those industries,” Bryson said.