Sichuan unveils RMB1t industrial stimulus

The government of earthquake-devastated Sichuan province has promised to invest RMB1 trillion in 2009, a local official said, adding the province's economic output should grow at least 9%, potentially 12%, this year. Most of the planned money will head for flattened manufacturing infrastructure, particularly in Deyang, Mianyang and Guangyuan cities. "Stepping up investment is the best way to offset the fallout from the quake and to act as a catalyst for economic growth," said Wang Shaoxiong, party chief of the provincial state-owned assets watchdog.

$1 = RMB6.8