China approves stimulus plan for auto, steel industries

WATCH VIDEO

Other stimulus plans include promoting industrial restructuring, supporting technology innovation, developing new-energy cars and encouraging brand-building.

A flexible import tax will be set to help steel producers  maintain their overseas market share.

A series of measures have also been announced to help the steel industry weather the crisis. A flexible import tax will be set to help steel producers maintain their overseas market share. Excessive capacity targets will be eliminated, and manufacturers will be encouraged to upgrade facilities, be more innovative and carry out restructuring.

The country will also strengthen scrutiny of iron ore imports, regulate steel product sales, and set up risk management mechanisms to aid these struggling industries.

Editor:Zhang Ning