China unveils new measures to boost trade, consumption
CHINA: China published a series of measures Thursday to boost
exports and consumption, marking the latest attempt to tackle the worst
economic outlook in a generation.
A hike in tax incentives to exporters of machinery and electronic
products were among measures unveiled after a meeting Wednesday of the
State Council, or Cabinet, chaired by Premier Wen Jiabao, the China
Participants in the meeting also decided to expand the list of
product categories where foreign investment in processing trade is
permitted, according to the paper, which provided no further details.
As part of the same package, the government will increase subsidies
for farmers buying household appliances in a bid to tap the potential of
the 800 million consumers living in the countryside, Xinhua news agency
Other measures include money spent on boosting retail outlets in
urban and rural areas, according to Xinhua.
Evidence has been piling up that China is headed for harder times as
its foreign trade sector takes a direct hit from the global crisis.