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China promotes start-ups in key industries

China is accelerating its program to support startups in industries such as chip manufacturing and biotechnology. About 3,000 startups will be designated as “Little Giant” this year to help drive local innovation, Xiao Yaqing, Minister of Industry and Information Technology, said in Beijing on Monday. This would bring the total number of government-backed startups to nearly 8,000. These companies are mainly located in the semiconductor, machinery, and pharmaceutical sectors. The program is part of China’s policy to challenge the US lead in these technologies.

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