Recently, the Ministry of Science and Technology and the Ministry of Finance have approved the first batch of projects in 2008 under the Innovation Fund for Small Technology-based Firms (Innofund). The projects cover a wide range of fields such as electronic information, biomedicine, new materials, mechatronics, new energy and environmental protection. A total of RMB 970.24 million will be channeled to 1,592 projects.

To boost openness, fairness and equity, the project list will be released and undergo public scrutiny for two weeks.