BEIJING, Dec. 22 -- China must take more powerful and effective policies to support industrial development, the country's vice premier Zhang Dejiang said at a work meeting concerning national industry and information technology on Friday.
"A stable and rapid industrial development is essential to the country's overall economic advance," Zhang said.
China plans to initiate a policy package in the coming new year to revive nine industries heavily hurt by the unfolding global financial crisis, the Ministry of Industry and Information Technology (MIIT) vowed at the meeting.
The nine industries to receive national support include light industry, textile, steel, non-ferrous metal, automobile, petrochemical, ship-making, electronics and telecommunications.
"China will resort to tariff and trade policies to facilitate export of labor-intensive and core technology-supported industries, and encourage domestic companies to conduct overseas merger and acquisition," MIIT minister Li Yizhong said.
Li stressed the importance of adhering to the country's opening up policy amid international market contraction and emerging trade protectionism.
While supporting domestic companies to tap the international market, Vice Premier Zhang also urged to improve the country's investment environment.
Other major favorable policies to prop up the nine industries include carrying out sound value-added tax reform, setting up special funds to support technological innovation, expanding bank loans especially to small and medium-sized enterprises and increasing government procurement and reserves of major raw materials.
Policies to boost auto development and consumption are also being mapped out, according to Li.
Li urged local industry and information technology officials to work out specific regulations and ensure the effectiveness of these policies.