Light sector plan may generate 3m jobs
China is to take new measures including an increase in export tax rebates and credit support to prop up its light industry. The government unveiled a three-year plan yesterday to stimulate the industry, and said they will extend financing support for companies with a good track record but temporarily short of cash. The government aims to create 3 million jobs in the light industry, which currently employs 35 million people.

Thrust on refining, ethene projects
According to a national plan presented yesterday, China will boost its oil-refining capacities and start large-scale ethane projects in coastal areas by 2010. The central government listed the projects in the "Petrochemical Stimulus Plan" which states that China will build three or four oil refining bases in the PRD, in the Yangtze River Delta and the Bohai Sea-rim economic zone. The oil refining bases will each have a minimum refining capacity of 20 million tons.

China will meet economic growth target of 8%
A senior official of the country's top economic planning body said yesterday that he firmly believes China will meet the target of achieving 8% economic growth in 2009. Xulin, the head of the Department of Fiscal and Financial Affairs for the National Development and Reform Commission said their basic assessment was that there has been consolidation in the recovery momentum and that the minor slowdown in April did not necessarily signal a second bottom in the ongoing economic downturn.

HK to host Asia Aerospace Expo 2009, 2011
Asian Aerospace Expo and Congress 2009 and 2011 will be held in Hong Kong. The Expo organizers announced this yesterday and said the two exhibitions will be staged in the ultra-modern Asia World-Expo complex next to the Hong Kong International Airport.