China will begin a three year stimulus plan targeting light industry in the coming months in a bid to cut unemployment rates among migrant workers, China Business Journal reported on February 9.
The draft plan, which is awaiting approval by the State Council and the National Development and Reform Commission, was recently put before the Ministry of Industry and Information Technology.
The stimulus plan aims to create job opportunities for China's estimated 22 million unemployed migrant workers.
According to the report, the government will support 45 sectors with preferential policies, including export tax rebates and credit support. It will give priority to food manufacturing, home electronic appliances, paper, plastic, leather, chemicals, medical equipment industries and others according to their contribution to GDP.
The plan will steer demand towards innovative and environmentally-friendly industries, experts told the newspaper. Light industry is a major source of jobs in China with over 35 million employees and, as a major consumer of farm agricultural products, the development of light manufacturing will also benefit farmers, experts said.
For more details, please read the full story in Chinese:
http://www.cb.com.cn/經營網/detail/article/430945
(China.org.cn by Jenny Wu, February 10, 2009)
