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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.

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