China eyes new plans aimed at supporting key industries

China will step up efforts to formulate and introduce work plans for stabilizing growth in ten key industrial sectors including automobiles, electronic products and steel, Zhao Zhiguo, spokesperson for the country's Ministry of Industry and Information Technology, pledged at a press conference on Wednesday. Policies directed at boosting car ownership and household consumption will also be rolled out, he stated.

"We will make stabilizing (economic) growth a higher priority," Zhao said.

The added value of China's sizable industrial enterprises grew by 3.8% on year in the first half of this year, or 0.8 percentage point faster than that in the first quarter, Mysteel Global notes.

Moreover, China's central government will take more steps to expand effective demand and to develop emerging industries in order to tackle the difficulties and challenges of insufficient demand and declining profitability seen in the country's industrial economy, according to Zhao.

Written by Rong Zhang, zhangronga@mysteel.com
Edited by Zhenqi Yang, yangzhenqi@mysteel.com

Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.