China unveils economic stimulus plan

The Chinese government announced plans to boost the country’s light industry and petrochemical sectors in a bid to stimulate the economy. Processing trade restrictions on some labor-intensive, technology-intensive, energy-efficient, and environment-friendly products will be lifted and export rebates of some light industrial products will be raised. The government added it would also extend fiscal and credit support to small- and medium-sized firms within the sectors, in hopes that technological upgrades within the industry would be possible. (February 20, 2009)