Some of the largest cities in China have revealed their plans to expand investment in an effort to boost growth rates.
The Wall Street Journal explains:
“The city of Chongqing in China’s southwest called for investment of 1.5 trillion yuan in seven key industries over the next three years, the state-run Xinhua News Agency reported Monday. The investment goals include 300 billion yuan in the electronic communications sector, 200 billion yuan in the auto industry, 250 billion yuan in the manufacturing of advanced equipment and 150 billion yuan in the chemical industry, Xinhua said on Monday.
“Separately, Tianjin, a city next to Beijing, said it has “preliminarily” decided to move forward with a plan calling for investment of 1.5 trillion yuan over four years in 10 industrial sectors, ranging from the petroleum and chemical industry to the aviation and aerospace industry over the next four years, according to a report by the state-run Tianjin Daily posted on Tianjin municipal government website Tuesday.”