China’s southwestern municipality of Chongqing plans to boost industrial investment to 1.5 trillion yuan ($235.9 billion) in the five years through 2015, the official Xinhua News Agency said today, citing the local government.
The investment will help Chongqing expand its total industrial output beyond 3 trillion yuan, the report said.
China’s industrial-output growth unexpectedly slowed in July to a three-year low while investment and retail sales missed estimates, raising pressure on Premier Wen Jiabao to step up efforts to support expansion. Chongqing’s industrial investment plan will focus on building seven “big manufacturing industries,” including electronic information, automotive, equipment and parts manufacturing, oil refining, material and energy industries, according to Xinhua.
The electronic information manufacturing industry, which includes notebook computers, will receive 300 billion yuan in investment, while the car-manufacturing industry will receive 200 billion yuan, Xinhua said.
The equipment manufacturing sector will get an investment boost of 250 billion yuan, and Chongqing’s oil and ethylene refining sector will receive 150 billion yuan, the report said.