China to Discuss Support Plans for Non-ferrous Metal, Petrochemical Industries

Boosting plans for China's non-ferrous metal and petrochemical industries have been drafted and nodded by the National Development and Reform Commission (NDRC). The plans will be submitted to the State Council, the Chinese cabinet, for approval, according to China Securities Journal.

China's State Council has already unveiled support packages for the steel, automobile, textile and equipment sectors to bolster the development of these industries. A total of 10 such industrial boosting plans will come out according to earlier remarks by Premier Wen Jiabao.

Relevant experts, who participated in the drafting of the two industries' support plans, said that there is no big discrepancy between the NDRC's specific amendments to the proposal and the draft. But as the non-ferrous metal industry involves too many kinds of goods, its plan would not like the textile industry support plan directly reveal the change of export tax rebate rate, but to emphasize the support of the industrial policy for the deep processing industry.

According to the newspaper, the petrochemical industry plan is to focus on oil refining, ethylene, coal gasification, engineering plastics and fertilizer.

As for the oil refining and ethylene sectors, the plan would focus on the reform of the existing projects and the promotion of new projects, and as for the fertilizer sector, the plan would emphasize the adjustment and upgrading of industrial structure.

It is leaned that the plan for the petrochemical industry is relatively rough, and the petrochemical industry association may hold a meeting to discuss the support plan.