BEIJING (AP) — A major Chinese city has announced plans for $240 billion in industrial investments, adding to a series of local spending initiatives that analysts say should help to boost China's slowing economic growth.
The city government of Chongqing, an industrial center in China's southwest, said in an announcement reported Tuesday by state newspapers that it will invest in seven areas including petrochemicals, electronics and auto manufacturing over the next three years.
Chongqing is the fifth Chinese city to announce multibillion-dollar investment plans as local governments try to stimulate their slowing economies.
Nomura economist Zhiwei Zhang said such city-level initiatives should help to drive an economic rebound before the end of the year.