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China approves stimulus for light industry
BEIJING - China promised Thursday to help light industry and petrochemical suppliers in its latest stimulus package aimed at reviving sectors that have been battered by the global economic crisis.
Tax rebates on exports of light manufactured goods will be increased, the Cabinet said in a statement carried by the official Xinhua News Agency. It said the government will try to boost appliance sales by increasing subsidies for purchases in the poor countryside.
Chinese petrochemical producers will get government aid to modernize their operations, the statement said.
The announcement gave no details of the tax rebates or other promised support.
Beijing said earlier it would issue packages for 10 industries on top of its 4 trillion yuan ($586 billion) economic stimulus unveiled in November. It has issued measures for the auto, steel, machinery manufacturing, shipbuilding, textile and electronics industries.
Most involve cuts in sales taxes, credit to finance foreign sales or rebates of value-added taxes on exports.
The export measures have stirred unease among China's trading partners, which are trying to increase their own exports at the same time.
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