BEIJING - China will step up financial support to promote technology upgrades in some traditional industries, such as textiles, steel and building materials, the country’s cabinet said on Wednesday. The government will boost fiscal spending to support industrial upgrading and banks will boost lending by restructuring existing loans, the cabinet said after a regular meeting. Firms will be encouraged to rely more on “direct financing”, including stock and bond issuance, as part of efforts to support industrial upgrading, it added. It also said China would increase fiscal expenditure on improving urban and rural education, by more than 15 billion yuan ($2.35 billion), in the next two years. ($1=6.3834 Chinese yuan)