Petrochemical Sector Set in 2009 State Revitalization List    

China need a 12% growth in its industrial sectors in 2009 to ensure an 8% growth in GDP, Li Yizhong, Minister of Industry and Information Technology of China, told a national work conference on December 19th, 2008.
   In order to reach that target, the ministry will focus its work on nine key industries including the light industry, textiles, steel, nonferrous metals, automotive, petrochemical, shipbuilding, electronics and telecommunications. The ministry is also working on a comprehensive industry policy to bolster the auto sector.
   China's industrial growth has significantly slowed down, from 16% growth rate in June 2008 to 5.4% in November, according to data from the ministry. And there's no sign it has bottomed by now.
   The central government plans to set a RMB15 billion special fund for technology upgrades, which will be granted with subsidizing loan interest and is expected to trigger total investment of RMB300 billion to RMB400 billion in technology upgrade for enterprises.
   The plunges in raw material prices and equipment prices and the gloomy economy are providing a good opportunity for companies to push through technology upgrades and improve competitiveness, as they could soon get the investment back once the current economic cycle ends.
   China had given RMB35.5 billion in subsidized loans for technology-upgrade projects during the Asian financial crisis, which drove a total investment of RMB430 billion in technology upgrades and helped the nation through the crisis.