Latest News:  
Beijing   Overcast/Light rain    28 / 22 ℃  City Forecast

English>>China Business

Local govts ready to take new stimulus measures to fuel economic growth

By Song Shengxia  (Global Times)

13:18, August 24, 2012

Local governments are still relying heavily on investment to boost economic growth in the face of the current slowdown, but experts said Thursday that they should instead come up with innovative and sustainable growth models which could also set examples for future reforms nationwide.

"Quite a few stimulus plans launched by local governments recently are still focusing on boosting supply instead of consumption and have still not abandoned the old way of promoting growth through investment," Tian Yun, deputy head of the China Society of Macroeconomics under the National Development and Reform Commission, told the Global Times.

"China's economic reforms have always followed a combination of the top-down and bottom-up approach. Local governments should explore new ways of development in order to provide a blueprint and experience for future reforms," he said.

In the latest example of large-scale local government stimulus plan, Southwest China's Chongqing announced Monday it will invest 1.5 trillion yuan ($236.6 billion) in seven key industries including electronic communications, automobiles and medical equipment over the next three years.

On the same day, Guangzhou, capital of South China's Guangdong Province announced a 1-trillion-yuan investment plan to develop the province's marine resources.

【1】 【2】

News we recommend:
Prices fly for Angry Birds' merchandise Wine imports give Chinese firms a hangover Spirited into the world of e-commerce
E-shopping fuels domestic consumption China's firms bigger but not necessarily better China's beauty industry profits from a makeover
Taxing times for China's tax reformers  Experts divided on yuan’s future [Audio]Soccer in China Part III: The Business Side


Leave your comment0 comments

  1. Name


Selections for you

  1. An armored unit in training

  2. Ishigaki, an island's rise from China-Japan spat

  3. Amusement parks boost real estate market

  4. Trip to Hong Kong, China

  5. 24 Of The Hottest Body Paint

  6. How to marry a billionaire

Most Popular


  1. Brand positioning through experience
  2. Visits highlight Cairo foreign policy change
  3. New Silk Road has potential for global significance
  4. Egypt to pursue a more active diplomatic approach
  5. Commentary: Moderate growth rate
  6. The not so curious case of single women
  7. Editorial: Solution to trade war
  8. 'Made in SE Asia' doesn't doom China
  9. Once warm Sino-Soviet relationship can be revived
  10. Editorial:Corporate competitiveness

What's happening in China

Women sexually 'assaulted' during water festival

  1. CCTV slammed for broadcast of hurdler’s stumble
  2. Resettlement plan for 74,000 Beijing residents
  3. Courts to auction seized goods online
  4. Tombs bear secrets of ancient Tibetan kingdom
  5. Meteorologists debunk China's "Four Furnaces"

China Features

  1. Tips for 'Stopping the Heat' [Special]
  2. Hometown of 'The Cowherd and the Weaving Girl'
  3. Japan arrests Chinese over Diaoyu Islands issue
  4. Opportunities lie ahead for emerging countries
  5. Mercedes-Benz E-class owners to file lawsuit

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai