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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /Policy WatchEconomyPolicy WatchChina DataCompaniesMarketsIndustriesOpinionMotoringGadgetsGreen ChinaGuangdong launches local stimulus planBy Qiu Quanlin in Guangzhou(China Daily)Updated:2014-05-29 07:42Comments Print Mail Large Medium SmallAuthorities in Guangdong province, an economic powerhouse in South China, plan to allocate a large sum of money this year to boost its economy.According to a financial budget report submitted to a provincial legislative meeting for approval on Wednesday, the province will arrange for up to 64.7 billion yuan ($10.47 billion) to support development of infrastructure, maintain stable trade growth, expand consumption and promote the transformation of industry.The move comes after relatively slow economic growth in the first four months of 2014.The provinces gross domestic product grew 7.2 percent year-on-year in the first quarter, or 1.3 percentage points lower than the same period last year, data from the Guangdong Provincial Statistics Bureau show.”The economy faces pressures, and there are some uncertain factors ahead, following a tough trade situation, sluggish performance in the real estate sector and weakening demand in domestic consumption,” Zeng Zhiquan, director of Guangdong Provincial Finance Department, said. “Thats why we had to introduce financial measures to keep stable economic development for the whole year.”Guangdong, a longtime leader in terms of economic development in China, has a GDP growth target of 8.5 percent for 2014.”A prompt and efficient financial policy is of great importance to adjusting the economy, given the slower economic growth of the past few months,” Zeng said. Theres “an urgent need for the government to introduce measures to boost the economy.”Of the budget, up to 14.8 billion yuan will come from local Treasury bonds, Zeng said.”We expect that financial input will drive more social investment, which will help boost infrastructure development and expand domestic consumption,” Zeng said.Guangdongs fixed investment increased 17.3 percent year-on-year in the first three months, 2.2 percentage points lower than the same period last year.Before the financial measures, the provincial government also decided to exempt 39 administrative fees for businesses from May 1.”In such an economic situation, the exemption of administrative fees and increased financial support represented the governments determination to cope with the economic slowdown,” Zeng said.Top 10 trading partners of the Chinese mainlandTop 10 regions with highest GDP in China Previous Page1 2 Next PagePrevious Page1 2 Next Page8.03KRelated StoriesFitch hails Chinas local govt bond decisionMunicipal debt market takes big step forwardMore local govts may issue debt directlyChina goes local to soften hit from property downturnDont worry about Chinas economic growthBetter GDP growth rebuts China collapse theoryChinas economy will not see hard landingPhotoA very good week for wineTop 10 natural gas suppliers to China in 2013Transportation in Tibet gradually improvingBatman fan opens door to his BatmobileLamborghini Gallery Held in Hong Kong, ChinaTop 10 most innovative companiesChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerFormer NBA star Yao Ming: Alls possible in LA Clippers bid Chinas young migrant workers better educated: reportMost ViewedTodays Top NewsChina to streamline Yangtze River customs clearancePack like a luggage bag, but drive like a motorcycleA very good week for wineTop 10 natural gas suppliers to China in 2013Tighter taxi app rules hailedRevival of ancient Silk Road essential for Asian nationsIndustrial profit growth slowsDemand for cars moving into a slower laneHot TopicsFiat SpAPeugeot SATaxi appInternet financeHousing priceDisneyland12306.cnWeChatEditors PicksBatman fan opens door to his Batmobile Top 10 most innovative companies Top 10 competitive countries and regions The multibillion-dollar house that Jack built SpecialsTurning point of Chinese property marketThe changing face of Chinas workforceFoxconn: 4 years on…Media : |State Administration of Foreign Experts Affairs|QQ International|Peopleforum||Partners : |State Administration of Foreign Experts Affairs|QQ International|Peopleforum||Portals : |||Sina|Sohu|Tom|Tencent|NetEase|Hexun|Organizations : |China US Focus|FrenCham|CPAFFC|CPIFA||eBeijing|AmCham|SwissCham BJ|…| About China Daily | Advertise on Site | Contact Us | Job Offer |Copyright 1995 -. 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