China’s will roll out a new round of growth initiatives for 10 key industries

This from Global Times late on Tuesday ICYMI. In summary:

China’s Ministry of Industry and Information Technology (MIIT) announced plans to introduce new growth initiatives for 10 key industries while expanding support for major industrial provinces and cities, officials stated on Tuesday.

The targeted industries include steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automobiles, power equipment, light industry, and electronics.

According to the MIIT, these sectors collectively contribute approximately 70% of the industrial added value from enterprises above a designated scale.

Zhang Yunming, vice minister of the MIIT, also promised to increase support for major industrial provinces and cities:

• “It will improve policies and mechanisms to promote the orderly transfer of industries, support regions in developing and expanding their unique and competitive sectors, and make greater contributions to industrial economic growth,”

More at that link above.

This article was written by Eamonn Sheridan at www.forexlive.com.