China’s central government announced it will spend 62.8 billion RMB ($9.2 billion), half this year and the other half in 2010, on new technology, including biotech, in an effort to counteract the economic slowdown and stimulate growth. The State Council announced the funding on its website following a meeting on Wednesday. The grants were the first authorizations from the 4 trillion RMB ($586 billion) “Mega Program” announced last November to stimulate innovative technology. More details...