China approves stimulus plan for ship building industry 2009-02-11 19:18:14   Print

Special Report: Global Financial Crisis

New orders for domestic shipbuilders are expected to fall to 20-30 million deadweight tons in 2009, compared to 58.18 million deadweight tons in 2008, according to the China Association of National Shipbuilding Industry. (Source: China Daily)
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    BEIJING, Feb. 11 (Xinhua) -- China's State Council, or Cabinet, adopted a stimulus plan Wednesday for the shipbuilding industry at an executive meeting chaired by Premier Wen Jiabao.

    The meeting said shipbuilding is a modern, comprehensive industry that provides technical equipment for transportation, maritime development and national defense. Supporting shipbuilders would also help other sectors, including steel, chemicals, textiles, light industry, equipment manufacturing and information technology, it said.

    The meeting agreed to increase credit support by an unspecified amount for ship buyers. It also decided to extend the existing financial support policies for oceangoing vessels until 2012. These policies include tax rebates on key imported components for domestically owned oceangoing ships.

    It said construction of new docks and the expansion of slipways should be suspended for three years to facilitate industrial restructuring.

    It also recommended investment in research and development of facilities to build high-technology ships and maritime engineering equipment and promote technical innovation.

    The meeting also approved a draft plan for fighting drought.     

    BEIJING, Feb. 5 -- The State Council has unveiled support plans for the machinery and textile industries. The plans include increasing export rebates for textile producers and supporting technological upgrades for machinery makers.

    At a State Council meeting on Wednesday presided over by Premier Wen Jiabao, a series of plans to revitalize the machinery and textile industries were announced. Full story

China to support 9 crisis-stricken industries

    BEIJING, Dec. 19 (Xinhua) -- China must take more powerful and effective policies to support industrial development, the country's vice premier Zhang Dejiang said at a work meeting concerning national industry and information technology on Friday.

    "A stable and rapid industrial development is essential to the country's overall economic advance," Zhang said. Full stories

Industry insider: plan to boost China's real estate sector ready for gov't approval

    BEIJING, Feb. 11 (Xinhua) -- A plan to rejuvenate China's property sector has been submitted to the State Council for discussion and approval as part of the government's efforts to fight the economic slowdown.

    The Ministry of Housing and Urban Construction convened a meeting before the Spring Festival seeking suggestions on a long-term development scheme for the real estate sector, according to Nie Meisheng, president of China Real Estate Chamber of Commerce. Full story

Media: China to discuss support plans for machinery, textile industries

    BEIJING, Feb. 3 (Xinhua) -- Support plans for the machinery and textile industries have been drafted and will be submitted to the State Council, the Chinese cabinet, for discussion, according to a media report.

    The Shanghai Securities News reported Tuesday that the machinery part of the plans aims to reduce reliance on imported parts. Full story

China unveils support package to auto, steel industries

    BEIJING, Jan. 14 (Xinhua) -- China's State Council unveiled a long-awaited support package for the auto and steel sectors Wednesday to boost the two "pillar industries".

    Under the plan, the government will lower the purchase tax on cars under 1.6 liters from 10 percent to 5 percent from Jan. 20 to Dec. 31 in a bid to stimulate sales. Full story

News Analysis: China's steel industry benefits from stimulus, support plan

    BEIJING, Jan. 22 (Xinhua) -- Excess capacity, low industrial concentration and a lack of access to natural resources have long plagued China's steel sector. These problems have been exacerbated by the impact of the global financial and economic crisis.

    When China's State Council, or Cabinet, approved a "rejuvenation plan" January 14 to support the troubled industry, the immediate aim was to deal with the effects of the crisis. However, analysts said, it could also ease the industry's long-term structural problems.  Full story

China mulls on stimulus package for oil and petrochemical industry

    BEIJING, Jan. 22 Xinhua -- China is likely to unveil its stimulus package for oil and petrochemical industry in the Lunar New Year, according to the China Petroleum and Chemical Industry Association (CPCIA) on Tuesday.

    Sun Weishan, vice secretary-general of CPCIA, told Xinhua, "The draft of this stimulus package hasn't been completed or examined by expert panels and it will be submitted to the State Council for approval later." Full story  

Shipbuilders to get government ballast

    BEIJING, Feb. 12 -- China's State Council, or the Cabinet, yesterday approved a stimulus package for the country's shipbuilding industry in a bid to help the emerging sector better weather the global economic downturn.

    The government said it will encourage financial institutions to lend more to ship buyers and also offer incentives for purchasers of ocean-going ships until 2012. The country will also support the industry in technology upgrades, it said. Full story

Editor: Wang Guanqun
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