Source: CCTV.com
02-26-2009 08:53
Special Report: Global Financial CrisisThe State Council has also approved a plan to support the country's non-ferrous metal industry. This is the latest action following massive tax cuts, bank credits and subsidies to help a wide range of industries this year.
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| The State Council has approved a plan to support the country's non-ferrous metal industry. |
On Wednesday, the stimulus plan was reviewed and approved at a State Council executive meeting chaired by Premier Wen Jiabao.
The meeting recognized the importance of the non-ferrous metal industry. It cited its vital functions in the economy and wide relations to multiple economic sectors. At the same time, the industry has reached a point for a transformation. Priority is given to stabilize domestic demand from industries like power, transportation, construction, machinery and light industry. High-tech firms will be supported, and low efficiency ones will be shut down. Research on high tech will be subsidized and new ways of recycling will be supported. Mergers and acquisitions are also encouraged to reshape the industry.
The meeting also decided that 100 billion yuan will be put aside from central and local fiscal budgets to stimulate technology innovation in 2009 and 10.
China has so far unveiled stimulus packages for 10 industries since last month. Previous support packages were dedicated to the sectors of auto, steel, shipbuilding, textile, machinery manufacturing, electronics and information, light industry and petrochemicals. The plans were all rolled out before China's lawmakers and political advisors gather in Beijing to discuss the response to the global economic turmoil. The annual full sessions start in a week's time.
Editor:Xiong Qu
