March 4, 2009
China Announces Stimulus For Metals Industry

BEIJING — China promised tax cuts to exporters of nonferrous metals and help to logistics companies to modernize technology in its latest stimulus measures for industries that have been hit by the country's economic slump.

Beijing has promised stimulus plans for 10 industries on top of its four-trillion-yuan (US$586-billion) economic stimulus package unveiled in November. It has issued measures for petrochemicals, auto and machinery manufacturing, light industry, steel, shipbuilding, textiles and electronics.

The latest package, announced Wednesday, will raise rebates of value-added taxes on foreign sales of nonferrous metals in an effort to boost exports, the Cabinet said on its website. It said cargo carriers and other logistics companies will get aid to spread use of information technology and make other improvements.

The statement gave no indication of what the tax cuts and aid might cost.

Most of China's stimulus measures announced so far involve cuts in sales taxes, credit to finance foreign sales and rebates of value-added taxes on exports.

Source: The Canadian Press, February 25, 2009




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Brought to you by the Steel Framing Alliance (SFA) on the first Wednesday of each month, Framework Online arms you with the latest news and commentary on the steel framing and construction industries. In addition to industry headlines, trends and project profiles, Framework Online provides information and ideas that will better enable members to increase their participation in the residential and commercial construction markets.