Related News

Home » Business » Economy

Spending news boosts industries

NEWS that China is likely to spend billions of dollars on the petrochemical and textile industries generally boosted shares of companies in the two sectors.

About 500 billion yuan (US$73 billion) will be invested in the petrochemical sector, according to reports by domestic newspapers.

Up to 100 billion yuan, due to be approved by the Sate Council, or China's Cabinet, will be spent by the end of next year in the sector to upgrade refineries to handle cleaner fuels, according to a report by China Business News, citing unnamed sources.

The remaining 400 billion yuan will be spent on 20 new projects connected with the fuel upgrading projects, as well as on acquisitions of oil and other assets overseas, it added.

Shares of petrochemical companies were mixed. Liaoni Huajin Tongda Chemicals Co added 4.29 percent to 6.57 yuan while Nafine Chemical Industry Group Co jumped 1.97 percent to 4.65 yuan. China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, shed 1.77 percent to 7.77 yuan.

Another stimulus package for the textile industry, drafted by National Development and Reform Commission, Ministry of Industry and Information Technology and experts, is also being discussed, according to a report by Shanghai Securities News yesterday. The plan has been submitted to the State Council and is likely to be revealed this week. So far no details of the investment amount have been disclosed.

Textile firms were among the gainers on the domestic stock exchange. Zhejiang Golden Eagle Co advanced 8.2 percent to end at 4.09 yuan. Huafang Textile Co surged to the daily limit of 10 percent to close at 3.30 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend