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China to support 9 crisis-stricken industries

(Xinhua)
Updated: 2008-12-19 21:12

BEIJING -- China plans to initiate a policy package to revive nine industries hurt by the global financial crisis, according to the Ministry of Industry and Information Technology (MIIT) Friday.

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The nine industries to receive national support include light industry, textile, steel, non-ferrous metal, automobile, petrochemical, ship-making, electronics and telecommunications.

"China will resort to tariff and trade policies to facilitate export of labor-intensive and core technology-supported industries, and encourage domestic companies to conduct overseas merger and acquisition," MIIT minister Li Yizhong said.

Li stressed the importance of adhering to the country's opening up policy amid international market contraction and emerging trade protectionism.

Other major favorable policies to prop up the nine industries include carrying out sound value-added tax reform, setting up special funds to support technological innovation, expanding bank loans to small and medium-sized enterprises and increasing government procurement and reserves of major raw materials.

Policies to boost auto development and consumption are also being mapped out, according to Li.

Li urged local industry and information technology officials to work out specific regulations to ensure the effectiveness of these policies.