The Beijing municipal government yesterday introduced 66 measures covering major industries, ranging from the automobile to pharmaceutical sectors, in the latest effort to help the city cope with the global financial crisis.

"The capital will complete the restructuring of five enterprises to foster super-large enterprises and groups with annual sales valued at 100 billion yuan ($14.6 billion) and above," Chang Qing, deputy chief of Beijing municipal industrial promotion bureau, told a press conference.

The measures also include broadening finance channels and intensifying support for export-oriented as well as environment-friendly products, Chang said.

To that effect, the city has allocated 5 billion yuan to stimulate industrial development, restructure enterprises and provide subsidies, besides taking other steps, Chang said.

The financial support will focus on projects under construction this year. Full interest subsidies for loans of fixed-asset projects will be granted to those put into production by October, the official said.

Chang said the policies were made based on difficulties found through current industrial development.

"The major difficulties facing the enterprises include shortages of orders and funds," Chang said.

Data suggested that the capital's industrial sector continued to slide since last August, and the first two months saw a decrease of 6.4 percent.

As part of the measures to battle the economic downturn, the city will also inject nearly 3 billion yuan to stabilize and broaden employment, according to Ren Jianxin, deputy head of the municipal labor and social security bureau.

The unemployed from suburban areas, college graduates, migrant workers and veterans can acquire loans of 80,000 yuan each to set up their first business, and a second loan of 100,000 yuan.

Similarly, the city will create 10,000 jobs in community work, and those confirmed as being unemployed for special difficulties will be matched with jobs within the year.

Beijing will also attentively implement a "moderately loose monetary policy", to secure that the current year's yuan loan increase is not lower than last year's.

Huo Xuewen, head of Beijing municipal finance office, said the government will also help establish a real estate investment trust fund to broaden financial sources for the capital's real estate sector.

(China Daily March 24, 2009)