China to unveil new economy package soon - Premier

13 March 2009 08:17  [Source: ICIS news]

SHANGHAI (ICIS news)--China is ready with plans to cope with bigger difficulties and would unveil new economic stimulus plans soon, Chinese Premier Wen Jiabao said during a press conference after the closure meeting of the second session of the 11th National People’s Congress (NPC) in Beijing on Friday.

"In order to cope with the economic crisis, we have made long-term preparations and have prepared proposals to fight bigger difficulties," Wen said.

"We will unveil new economic stimulus plans at any time," he said at the press conference.

China released a yuan (CNY)4,000bn ($584.7bn) stimulus package in November last year to boost the economy in the next two years.

Within the package, the central government would invest CNY1,180bn, and the rest would come from non-governmental sources, private capitals and bank loans, Wen said.

The investment projects and spending in the CNY4,000bn stimulus package have been discussed and would be open for public monitoring, the premier said.

Wen also emphasised that confidence was very important in tough times.

In the first two months of this year, China had announced the support plans for 10 industries, that included the petrochemical sector, to stimulate the nation's ailing economy.

($1 = CNY6.84)

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By: Judith Wang
+65 6780 4359



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