BEIJING, Nov. 13-- China has announced new policies to expand consumption and promote stable economic development. These policies were decided at a State Council meeting on Wednesday and include large infrastructure projects, higher export rebates and adjusted export tariffs.
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Construction workers are seen in this undated photo from CCTV.com. China has announced new policies to expand consumption and promote stable economic development. (Photo: CCTV.com)
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The infrastructure projects include a gas pipeline between China's western region and the economic hubs of Guangzhou and Hong Kong. This will involve an investment of 93 billion yuan.
The State Council also approved over 95 billion yuan for nuclear power plant expansions. These expansions will take place in the eastern province of Zhejiang and the southern province of Guangdong.
It also approved another 17.4 billion yuan for projects such as the water conservancy project in the Xinjiang Uygur Autonomous Region.
To help boost exports, the State Council announced that China would increase tax rebates on more than 3,770 items, starting December 1st. The latest round of rebates is aimed at exporters in labor-intensive sectors, particularly producers of electrical and mechanical goods. It's part of a campaign to stimulate domestic demand and promote stable but rapid economic growth. The central government also decided to get rid of the export tax on some steel, chemical products and grains and reduce the export tax on fertilizer.
The State Council also announced plans to aid southwest China's quake-hit areas. The central budget will focus on a total of 51 cities, counties and districts. Key areas will include housing, infrastructure, and transportation. They will also focus on poverty reduction. This plan will cost 300 billion yuan in total.
The meeting also outlined policies to further support ecological reconstruction. The central government has singled out forestry as an important sector for rebuilding. Building up the forests will benefit farmers and bolster the environment in the quake-hit regions.
(Source: CCTV.com)
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