BEIJING -- The Chinese government will spend more than 50 billion yuan ($6 billion) to prepare its giant but backward steel sector for China's entry into the World Trade Organization, a state-run newspaper said Sunday.


The funds, more than half of which will be low-interest bank loans, will be used for technical renovations to raise the quality of China's steel before WTO entry brings down tariffs and other protection, the China Daily Business Weekly said.


The official newspaper said 42 Chinese steel firms would be beneficiaries of the state plan, with Baoshan Iron and Steel Group, Anshan Iron and Steel Group, Capital Iron and Steel Group and Wuhan Iron and Steel Group topping the list.