China allocates 1.39 bln yuan for sci-tech development

BEIJING -- China's central government has allocated part of the 2020 fund for science and technology development to local governments, according to the Ministry of Finance.

The fund already allocated totaled 1.39 billion yuan (about $198 million), according to the ministry.

Jiangsu, Shandong and Guangdong will receive 70.35 million yuan, 67.9 million yuan and 65.1 million yuan, respectively, the largest amounts among provincial-level regions.

The money will be channeled to support local basic research, construction of sci-tech innovation bases and transfer of sci-tech achievements.

The ministry has asked local authorities to further optimize the whole-process budget management, strengthen approval of the fund and make better use of the money.