The Chinese Integrated Circuit (IC) industry welcomed the long-anticipated National Guidelines for the Development and Promotion of the Integrated Circuit Industry (Guidelines), which were issued by China's State Council on June 24. The Guidelines set ambitious targets of exceeding 350 billion renminbi (RMB) in sales revenue by 2015 (compared with 250.8 billion RMB in 2013), reaching an annual sales revenue growth rate of over 20 percent by 2020, and reaching "advanced world level" by 2030. To achieve the targets, the Guidelines call on both the central and local governments to establish IC industry investment funds, support policy and commercial financial institutions to increase the financing they provide to this industry, and encourage domestic companies to expand abroad. Government officials stated that over 100 billion RMB in government support will be provided to the industry over the next few years.