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Local govts quick to issue stimulus plans

By Chen Jia and Xu Wei  (China Daily)

13:29, August 22, 2012

Local governments are moving to release investment plans and pave the way for economic growth that is to be driven by additional spending on infrastructure and manufacturing.

Tianjin, in northern China, released a four-year investment plan on Tuesday that calls for spending 1.5 trillion yuan ($236 billion) on 10 industries, said a report on the municipal government website.

"In the next few years, Tianjin will concentrate on the development of petrochemicals, port equipment and the aerospace industry as it tries to make them stronger global competitors," the government's report said.

Besides that, priorities are being placed on the biotechnology, "green" food and new-materials industries, according to the report.

Tianjin's release of its stimulus plan comes a day after Chongqing announced a similar policy. Chongqing, for its part, proposes to put 1.5 trillion yuan over three years into seven strategic industries, including electronics and IT, automobiles, energy and advanced equipment, Xinhua News Agency reported. As much as 300 billion yuan is to go into electronics and as much as 200 billion yuan into automobiles. Zhang Dejiang, vice-premier and Party secretary of Chongqing, said at a conference on Monday that the municipality will place a priority on the development of the industrial sector.

The plan is meant to cope with "downward pressure on the economy" and to promote the development of new types of industrialization, the municipal government said in a statement.

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