China Cities Roll Out Stimulus as Changsha Targets $130 Billion

http://www.bloomberg.com/news/2012-07-26/china-s-changsha-city-unveils-130-billion-investment-plan.html

The central Chinese city of Changsha unveiled an 829.2 billion yuan ($130 billion) investment plan, joining peers seeking to shore up local economies as national growth slows.

Changsha, the capital of Hunan province, is wooing banks to finance 195 projects, which include an airport and subway lines and will take several years to complete, the official China News Service reported yesterday.

Local governments are stepping up efforts to bolster the economy, with the cities of Nanjing and Ningbo saying over the last two weeks that they will introduce measures including tax cuts and incentives to boost consumption. Premier Wen Jiabao said July 10 that promoting investment is the key to stabilizing China’s growth, which has slowed for six quarters.