Feb. 20 – The State Council has announced additional details of the stimulus package in terms of plans to aid the country’s light industry and petrochemical sector.

Processing trade restrictions on labor-intensive, technology-intensive, energy-efficient, and environment-friendly products will now be abolished.

There will also be higher export rebates for selected light industrial products in addition to extending fiscal and credit support to SMEs in the industry.

The Chinese government wants to encourage domestic sales by making light industrial products more available locally. Efforts will be made develop foreign trade services further and maintain export volume.

According to China Daily, home appliance subsidies for farmers will be extended to include microwave ovens and induction cookers.

The government is pushing for upgrades within the industry to focus on independent industrialization of key technologies. Moreover, companies are urged to launch developing their own brands and improving the quality of products. Paper making, home appliance and plastic sectors development will also be expedited.

As for the petrochemical industry, demand for products will be increased to maintain stability of the sector. Measures would also be taken to secure supply of farming materials, like fertilizers as well as pushing forward technological innovation and construction of major petrochemical projects.

More policy support will be given to the petrochemical sector, such as accelerating the building of finished oil product reserves, better tax policies and more credit access for firms.

China unveiled its RMB4 trillion stimulus package that spans 10 industries to stimulate the economy last year. Currently, only 6 plans have been revealed in detail covering auto, steel, shipbuilding, textile, machinery-manufacturing, electronics and information industries.