Source: CCTV.com

02-27-2009 14:24

Most countries would be delighted with a 6.8 percent rate of economic growth this year. But for China, that figure for the last quarter of 2008, is a disappointment.

The country's ambitious stimulus plans are aimed at helping the economy rebound as soon as in the second half of this year and achieve its annual target of 8 percent GDP growth,

The deadline requires fast policy moves. Within 6 weeks, China unveiled stimulus plans for 10 industries, on the top of its 4 trillion yuan stimulus package announced four months ago. The industries are auto, steel, shipbuilding, textile, machinery manufacturing, electronics and information, light industry, petrochemicals, non-ferrous metals and logistics.

The measures focus on technology innovation, infrastructure upgrade, closing low-efficiency production, mergers and acquisitions, tax rebates and subsidies.

China says the country's current economic challenges, come mainly from the need for its industries to transform. After years of growth, many sectors must now change their growth pattern to be more sustainable and competitive.

China's top economic planer says details and revisions of the stimulus packages will be announced during mid-March.

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Editor:Xiong Qu