Stimulus package for petrochemical sector in April
Source: Fibre2fashion News Desk - India Date: 2009-04-22
The details of China’s stimulus package for petroleum and chemical sector would be released at the end of April or May, forecasted Yang Shangming, head of the petrochemical, light industry and textile division at China International Engineering Consulting Corporation.
Achieving 15 percent annual growth rate of industrial added value in the petroleum and chemical sector from 2009 to 2011 is the aim of this stimulus package, which is in comparison to the 20 percent average annual growth rate achieved by the sector from the year 2000 to 2007.
In 2008, due to the unfolding of the economic crisis and the resultant slowdown across the textile and clothing sector in the world, the petrochemical sector in China bore the brunt of the Tsunami like crisis and in the process could post a growth of only 9 percent in 2008.
Achieving 15 percent annual growth rate of industrial added value in the petroleum and chemical sector from 2009 to 2011 is the aim of this stimulus package, which is in comparison to the 20 percent average annual growth rate achieved by the sector from the year 2000 to 2007.
In 2008, due to the unfolding of the economic crisis and the resultant slowdown across the textile and clothing sector in the world, the petrochemical sector in China bore the brunt of the Tsunami like crisis and in the process could post a growth of only 9 percent in 2008.
