Fiscal policies to aid sci-tech innovation

Higher budgetary allocation will foster new growth momentum

China will strengthen the implementation of fiscal and taxation policies supporting scientific and technological innovation, to promote industrial upgrades and foster new growth momentum, a senior official said on Wednesday.

Addressing a news conference in Beijing, Wang Dongwei, vice-minister of finance, explained how his ministry will help promote high-quality development.

"Focusing on 'strengthening foundation and targeting key areas', we will further support the enhancement of capabilities in scientific and technological innovation," Wang said.