The northeastern Chinese city of Tianjin announced a four-year plan to invest 1.5 trillion yuan ($236 billion) to stimulate industrial growth, Bloomberg News reported Tuesday. The Communist Party's Tianjin Daily also reported that investments have been announced for 10 industries, including petrochemicals and aerospace.
The plan follows a similar effort to invest 1.5 trillion yuan in the southeastern Chinese city of Congqing over five years the south-central Chinese city of Changsa invest 829 billion yuan in infrastructure such as airport and subway lines.
These new regional plans to stimulate the national economy come after the nation's economic growth sank to a three-year low last quarter. An economist at Credit Agricole CIB in Hong Kong, speaking to Bloomberg News, said the new multi-year investments "are further signs that policy stimulus continues to be focused on infrastructure spending and consumption measures."