Source: CCTV.com
02-12-2009 08:53
Special Report: Global Financial CrisisThe State Council has approved a plan to support the country's shipbuilding industry. This is the latest action after a wide range of tax cuts and subsidies to help its auto, steel, manufacturing and textile industries this year.
 |
| The State Council has approved a plan to support the country's shipbuilding industry. |
On Wednesday, the stimulus plan was reviewed and approved at a State Council executive meeting chaired by Premier Wen Jiabao. The meeting decided that the shipbuilding industry provides significant support to water transportation, oceanic exploration and national defense. It also boosts related industries like steel, mechanical manufacturing and information technology. Currently China's shipbuilding industry is transitioning from just a big industry to a strong one. And a stimulus package is needed to sustain its growth and promote the overall economy.
The new measures include financing major shipbuilding projects, expanding market demand for ships, and developing facilities for oceanic exploration. Also included are boosts to the ship-repair business, encouraging mergers and acquisitions in the industry and upgrading innovative technologies.
The State Council also decided to encourage financial institutions to expand their financing to purchasers of exported ships. It will extend fiscal and financial support for domestic buyers of long-range ships until 2012.
Click for more news in Biz China>>
Editor:Xiong Qu
