China's State Council unveiled a support package for the auto and steel sectors on January 14 to boost the two pillar industries.  In the next three years, the central government will earmark 10 billion yuan as a special fund to support auto companies to innovate, upgrade technologies and support automakers to develop independent brands.

As agreed at the meeting, this special fund to support auto companies to upgrade technologies, develop new engines that use alternative energies, promote the use of energy-saving autos and those fueled by new energies, support automakers to develop independent brands, build auto and parts export bases and improve consumer credit.

(China IP News)