China Approves Stimulus Plans for More Industries
China on Thursday announced plans to boost the light industry and petrochemical sectors, promising higher export tax rebates and more credit support, as part of government efforts to combat the global slowdown.
The world's third-largest economy has already rolled out a slew of stimulus packages for other major industries, including auto, steel, textile and shipbuilding, to rev up its slowing economic growth.
The State Council, China's cabinet, said it would speed up the construction of major ethylene projects, while closing down some outdated petrochemical capacity and stopping capacity expansion at plants which chemically process coal.
For light industry, China will further raise export tax rebates, according to a statement read out on state television.
The report did not specify how much investment the latest stimulus scheme would involve.
But state media said earlier the petrochemical stimulus plan would include 100 billion yuan ($14.63 billion) in investments to upgrade the quality of oil products and 400 billion yuan for the construction of dozens of new petrochemical projects and overseas acquisitions.
The cabinet meeting also decided to expand a national programme to subsidize home appliance purchases in rural areas. ($1=6.836 Yuan)
The world's third-largest economy has already rolled out a slew of stimulus packages for other major industries, including auto, steel, textile and shipbuilding, to rev up its slowing economic growth.
The State Council, China's cabinet, said it would speed up the construction of major ethylene projects, while closing down some outdated petrochemical capacity and stopping capacity expansion at plants which chemically process coal.
For light industry, China will further raise export tax rebates, according to a statement read out on state television.
The report did not specify how much investment the latest stimulus scheme would involve.
But state media said earlier the petrochemical stimulus plan would include 100 billion yuan ($14.63 billion) in investments to upgrade the quality of oil products and 400 billion yuan for the construction of dozens of new petrochemical projects and overseas acquisitions.
The cabinet meeting also decided to expand a national programme to subsidize home appliance purchases in rural areas. ($1=6.836 Yuan)
source: http://kaznak.web.infoseek.co.jp
