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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. Data from the ministry showed that the central government has earmarked 370.8 billion yuan ($51.3 billion) toward science and technology expenditure in this year's budget, marking a 10 percent year-on-year increase. The ministry is strongly committed to fostering the integrated development of scientific and technological innovation and industrial innovation, Wang said. It will continuously scale up investment in basic r
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