China to spend $1.7 trln on strategic sectors over 5 yrs-U.S.

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China has confirmed to visiting U.S. officials that Beijing plans to pour $1.7 trillion into the so-called "strategic sectors" over the coming five years, the U.S. Commerce Secretary John Bryson told reporters on Monday.

The confirmation of the huge sum of money, although it would likely not all come from fiscal funds, showed Beijing's ambition to shift the growth engine of the world's No.2 economy to cleaner and hi-tech sectors.

Bryson was in the southwestern Chinese city of Chengdu for the U.S.-China Joint Commission on Commerce and Trade (JCCT) meeting. He said that Chinese Vice Premier Wang Qishan said U.S. and other firms would enjoy the same opportunities as Chinese firms to take part in the growth of these sectors.

According to Beijing, the seven "strategic industries" include alternative energy, biotechnology and advanced equipment manufacturing.

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