BEIJING, July 6 (Xinhua) -- China has allocated 818 million yuan (about 126.4 million U.S. dollars) to promote the application of research results in the commercial sector in 2011, the Ministry of Finance said Wednesday.
The move aims to accelerate the transfer of scientific and technological achievements into productivity, promote corporate technical innovation and speed up economic reform, the ministry said in an online statement.
The money from the fund will primarily be directed toward projects in the key mechanical components sector and low carbon, environmentally friendly industries this year, the statement said.
The average subsidy for each project is 7.71 million yuan in 2011, up 20 percent from last year. The maximum subsidy for a single project can amount to 45 million yuan, it said.
The ministry will make public each project before approving the funding, it added.